Legal News

Standard Chartered Finally Signs $340 Million Settlement over Iran Transactions
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

In a situation where a criminal investigation into Standard Chartered’s practices of hiding transactions with Iran is at the final stage, the British Bank has signed a final agreement with New York’s banking regulator to pay civil penalties amounting to $340 million. While announcing the formal agreement, Benjamin Lawsky, superintendent of the New York state Department of Financial Services said that the controversial transactions amounted to about $250 billion.

As we had previously reported, reported in an answer to a panicked official in their U.S. office over the issue, a Standard Chartered top official had written back from UK: “You f***ing Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”

It seems the British Bank has since then reassessed its views about the U.S. regulatory system as its stock in U.S. began to drop sharply last month and angered regulators threatening to revoke the bank’s license to deal in New York.


Julie Gibson, a spokeswoman for Standard Chartered in New York said, “We are pleased to have reached a final settlement with the Department of Financial Services, and we look forward to resolving all outstanding issues with other U.S. authorities related to our past sanctions compliance.”

However, Benjamin Lawsky’s move against Standard Chartered bank last month had drawn significant opposition from other U.S. regulators who had been investigating the bank for about two years, and were looking forward to more time over completing their investigations and reaching a single global settlement.

Right now, the settlements with different U.S. regulators would in effect be piecemeal and according to the bank its negotiations are parallel ongoing with the U.S. Treasury Department, Justice Department and the New York Federal Reserve.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!

The disputes are over about $250 billion in transactions that the bank provided to its Iranian customers from 2001 through 2007 in U.S. dollar clearing services despite U.S. sanctions against Iran. Allegations against the bank include hiding the nature of the transactions by removing codes on money transgers and altering message fields inserting untraceable notes like “NO NAME GIVEN.”


Interesting Legal Sites You May Like




Search Now

General Municipal Law Attorney with land use experience


Oakland office of our client seeks general municipal law attorney with experience advising public ag...

Apply Now

Senior Land Use Attorney with experience

USA-CA-San Francisco

San Francisco office of our client seeks senior land use attorney with 7+ years of experience. The c...

Apply Now

Immigration Attorney with portable business


McLean office is seeking an immigration attorney with $500,000+ in portable business.

Apply Now

Litigation Attorney with 5-7 years of civil tort experience


Dallas office of our client seeks litigation attorney with 5-7 years of civil tort experience, inclu...

Apply Now


Experienced Insurance Defense Attorney Needed


Insurance Defense firm (with 15 attorneys in Suffolk and Mineola location), seeks attorneys with 5+ ...

Apply now

Corporate / Commercial Attorney | Lebanon, NH


Downs Rachlin Martin PLLC seeks an experienced corporate / commercial attorney to join its Lebanon o...

Apply now

Business Law Junior Associate | Burlington, VT


Downs Rachlin Martin seeks associate attorney with 1-3 years of experience to join its Commercial an...

Apply now

Business Law Associate | Burlington


Downs Rachlin Martin is seeking an attorney with 4 to 8 years of experience to join its very busy pr...

Apply now

Most Popular


To Top