Standard Chartered says will pay U.S. fine in H2
LONDON Dec 10 (Reuters) - Standard Chartered said it will pay $327 million in cash in the second half of this year to U.S. authorities after being fined for violating U.S. sanctions and other laws.
Standard Chartered said the settlement followed nearly three years of "intensive cooperation with regulators and prosecutors", related to past violations of sanctions laws and a lack of transparency with former payment practices up to 2007.
The bank said the U.S. Office of Foreign Assets Control (OFAC) had found that while its omission of information affected $250 billion of payments related to Iran, only about $24 million of transactions processed on behalf of Iranian parties and $109 million on behalf of parties in Burma, Sudan and Libya appeared to be in violation of sanctions laws.
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