In separate actions, the U.S. Department of Justice and the District Attorney for New York County announced the execution of deferred prosecution agreements with Standard Chartered, the Fed said.
Those agreements provide for $227 million in forfeitures against Standard Chartered. The Treasury’s Office of Foreign Assets Control announced a settlement of $132 million, according to the Fed.
The Fed’s penalty is “one of the largest penalties” given by the Fed for such practices, the central bank said. The Fed also announced a cease and desist order telling Standard Chartered to “improve its program for compliance with U.S. economic sanctions, Bank Secrecy Act, and anti-money-laundering requirements.”
London-based Standard Chartered agreed in August to pay $340 million to resolve charges brought by the New York state banking regulator that it hid the identity of Iranian customers involved in dollar-clearing transactions.
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