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\n<\/div>\nStandard Chartered is paying out huge sums of money for the second time in less than a decade to settle claims of sanctions busting.<\/span><\/span><\/span><\/p>\n The UK-based bank has agreed to pay $1.1 billion to settle allegations that it repeatedly violated sanctions on Iran and other countries.<\/span><\/span><\/span><\/p>\n <\/p>\n US and British authorities announced the settlement on Tuesday, saying the bank had breached sanctions on countries including Iran, Myanmar, Cuba and Syria.<\/span><\/span><\/span><\/p>\n The US Treasury Department said that Standard Chartered had “acted with reckless disregard and failed to exercise a minimal degree of caution” in processing nearly 10,000 transactions between 2009 and 2014 that moved a total of $438 million through the United States in violation of sanctions.<\/span><\/span><\/span><\/p>\n <\/p>\n While noting that Standard Chartered had provided “substantial” cooperation during the probe, officials said the bank had allowed dozens of companies subject to sanctions to access the US financial system.<\/span><\/span><\/span><\/p>\n UK regulators said they had also uncovered “significant shortcomings” in the bank’s approach to identifying risks.<\/span><\/span><\/span><\/p>\n They said one client had been allowed to open an account using a suitcase containing 3 million dirhams ($625,000) in cash, without providing evidence of where the money came from. Standard Chartered also failed to collect sufficient information from a customer exporting a product with potential military applications to 75 countries.<\/span><\/span><\/span><\/p>\n Under the terms of the settlement, Standard Chartered has agreed to conduct regular risk assessments and improve its internal controls.<\/span><\/span><\/span><\/p>\n <\/p>\n “We are pleased to have resolved these matters and to put these historical issues behind us,”\u00a0Standard Chartered\u00a0(SCBFF<\/span>)\u00a0CEO Bill Winters said in a statement. “The circumstances that led to today’s resolutions are completely unacceptable and not representative of the Standard Chartered I am proud to lead today.”<\/span><\/span><\/span><\/p>\n The settlement requires Standard Chartered to pay $947 million to US government agencies, while the UK Financial Conduct Authority will collect \u00a3102 million ($133 million). The bank set aside $900 million to cover fines related to the allegations in the fourth quarter of 2018. It said Tuesday that it would take a final charge of $190 million in the first quarter of this year.<\/span><\/span><\/span><\/p>\n Standard Chartered entered a deferred prosecution agreement with the US Department of Justice in 2012, when it paid a total of $667 million over alleged sanctions violations. The agreement, which allows the company to resolve matters that would otherwise be prosecuted, had been extended multiple times.<\/span><\/span><\/span><\/p>\n <\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n <\/p>\n<\/div>\n