Standard Chartered Bank pays $657 million to settle OFAC violations.
Standard Chartered Bank agreed Tuesday to pay $657 million to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) to resolve sanctions violations primarily related to Iran, with other violations involving current or former sanctions on Cuba, Sudan, Burma, Syria, and Zimbabwe.
StanChart paid $639 million for the Iran sanction violations, together with violations involving Cuba, Sudan, Burma, and Syria. OFAC called that the “global settlement.”.
London-based StanChart settled the Zimbabwe sanction offenses separately, paying OFAC about $18 million.In the global settlement, OFAC said from June 2009 until June 2014, StanChart processed 9,335 transactions totaling $437.5 million to or through the United States. All of the transactions involved persons or countries subject to comprehensive sanctions programs administered by OFAC, the Treasury Department said. (Suite)