Standard to resolve US sanctions case

 / 10 Dec '12

British bank Standard Chartered Plc will pay $327 million to resolve allegations that it violated US sanctions and other laws, the Federal Reserve said on Monday.

The bank will pay $100 million to resolve Fed allegations that it provided “inadequate and incomplete responses” to bank examiners and provided insufficient oversight of its sanctions compliance program, the Fed said.

A woman walks past a Standard Chartered bank in London. Credit: REUTERS

The bank separately entered into deferred prosecution agreements with the US Justice Department and the New York District Attorney, and will forfeit $227 million in connection with those agreements, the Fed said. - Reuters

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