Standard Chartered Bank Iran Settlement

Hii sir, I Wants to get the Information About the Iran Settlement of the Standard Charted Bank ?

[pawan]

Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets across more than 70 countries and employs around 87,000 people.


As you Asking for the Information About the Iran Settlement of the Standard Charted Bank is as follow

Iran Settlement of the Standard Charted Bank

Standard Chartered PLC announces it has reached final settlements with the Office of Foreign Assets Control (OFAC), the Federal Reserve Bank of New York, the Department of Justice and the New York County District Attorneys Office regarding historical sanctions compliance and U.S. dollar payment practices primarily between 2001 and 2007.

The settlements are the product of an extensive internal investigation that led the Bank voluntarily to report its findings concerning past sanctions compliance to these U.S. authorities, and nearly three years of intensive cooperation with regulators and prosecutors.

OFAC found that while SCBs omission of information affected approximately 60,000 payments related to Iran totalling $250 billion, the vast majority of those transactions do not appear to have been violations of the Iranian Transactions

Regulations. Over the entire period from 2001 to the end of 2007, it found that approximately $24 million of transactions processed on behalf of Iranian parties and a total of $109 million on behalf other sanctioned entities from other countries (Burma, Sudan and Libya) appeared to be in violation of sanctions laws.

Over the same period, SCB New York processed $139 trillion in US dollar payments.

The Bank ceased its Iranian USD payments business in late 2006 and in the following year stopped transacting any new business with Iranian entities, well before such actions were required by U.S. authorities.

Contact Detials :

Jon Tracey, Head of Media Relations
Tel.: +44 20 7885 7613
Mobile: +44 7730 051846
Email: jonathan.tracey@sc.com

Sarah Lindgreen, Deputy Head of Media Relations
Tel.: +44 20 7885 8764
Mobile: +44 7736 054338