British bank to pay $330 million fine for breaching Iran sanctions

Windsor Genova – Fourth Estate Cooperative Contributor

London, England, United Kingdom (4E) – British multinational bank Standard Chartered announced Thursday it will pay U.S. regulators $330 million in fine for violating banking sanctions on Iran.

The announcement of Standard Chartered CEO Peter Sands was on top of the $340 million settlement made by the bank to New York’s Department of Financial Services (DFS) in August.

The settlement followed DFS’ accusation that Standard Chartered hid $250 billion in illegal money transfers for the Iranian government over a 10 year period. The department threatened to revoke its license in New York for the violation. But the publicly-listed bank denied the charges, which led to a 20 percent fall in its shares in the London bourse within 24 hours.

Sands said the bank continues to talk with U.S. agencies to resolve the sanction violation.

The fine is not expected to impact the bank’s profit. On the contrary, it expects pretax profit to rise for 2012.

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