Standard Chartered Bank is to remain under investigation for further breaches of trade sanctions and will remain under US oversight for three more years, prosecutors have said.
The suspected violations go beyond those contemplated in a 2012 settlement for writing prohibited business with Iran.
A notice filed by prosecutors in a Washington court says London-based Standard Chartered, “may have been unlawfully processing US dollar transactions for corporate and individual customers with possible ties to US sanctioned countries after 2007.”
In 2012, the bank agreed to pay US$327 million in settlement for sanctions breached between 2001 and 2007.
Under that settlement, US oversight of Standard Chartered was due to end this month.
The US authorities are investigating more than 3.7 million documents and hundreds of phone calls recorded by the bank, “to determine whether violations did in fact occur, and if so, whether those violations were committed wilfully and what the result should be,” the prosecutors’ notice says.
Standard Chartered has agreed to the extended investigation and is cooperating with the further enquiries.
Categories: Trade Based Financial crimes News