Print this article
Standard Chartered Close To Wrapping Up US Probes Over Iran Transactions - Report
Tom Burroughes
2 November 2012
London-listed
Standard Chartered is close to completing talks to resolve US
investigations into its Iran-linked transactions and nearing agreement
on a fine in the region of $300 million, Reuters has reported, citing four unnamed sources. The bank, as previously reported by this publication, agreed in August to pay
New York's banking regulator $340 million after the authority filed an
order accusing Standard Chartered of hiding some $250 billion worth of
transactions with Iran. In its interim results statement earlier this week, the bank said: "The group continues to engage with the other US agencies on their review of the group’s historical US sanctions compliance." Standard Chartered
has been in talks recently to resolve remaining probes against it from
other US institutions, through a joint settlement, the news service
quoted the sources as saying. In an update on its quarterly performance, Standard Chartered’s
finance director said earlier this week it was aiming for a final
settlement by the end of the year. Reuters said representatives of the bank and the US
authorities concerned either declined to comment or did not immediately
respond to a request for comment. Standard Chartered earns the bulk of its revenues outside the UK, with a particular focus on regions such as Asia.