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StanChart to Pay $1 Billion to End Probes of Iran Business

  • Employee pleads guilty, Iranian customer charged in absentia
  • Lender takes ‘full responsibility’ for ‘unacceptable’ behavior
Views of HSBC, Standard Chartered And Bank of East Asia Ahead Of Earnings Announcements
Photographer: Anthony Kwan/Bloomberg
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Standard Chartered Plc agreed Tuesday to pay more than $1 billion to resolve a long-running investigation into its handling of transactions that violated economic sanctions, a penalty whose severity reflects the London-based lender’s repeated violation of U.S. sanctions on Iran.

A bank employee who worked in the United Arab Emirates pleaded guilty to sanctions violations, and an Iranian customer was charged in absentia, the Justice Department said.