Economics
StanChart Said to Brace for New Iran Fine of $1.5 Billion
- Penalty said to be linked to previous violations, Dubai unit
- StanChart says it’s engaged in U.S. discussions; shares slide
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Standard Chartered Plc is bracing for a potential penalty of around $1.5 billion from U.S. authorities for allowing customers to violate Iran sanctions, people familiar with the matter said.
That amount is a preliminary assessment based on some of the communications between the bank and the regulators, the people said. Final discussions to resolve the matter have not yet begun, they said. The allegations relate to breaches dating from at least five years ago.