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Standard Chartered faces fine in coming weeks for sanctions breaches - Sky News

Standard Chartered faces fine in coming weeks for sanctions breaches - Sky News
FILE PHOTO: People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo -
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Chris Helgren(Reuters)
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(Reuters) – Standard Chartered PLC <STAN.L> is facing a fine for failing to prevent sanctions breaches, Sky News reported on Saturday.

Britain’s Office of Financial Sanctions Implementation, which includes police and intelligence officers as well as finance ministry officials, has notified the lender that it aims to impose a penalty of more than 10 million pounds on the bank in the coming weeks, Sky News said.

Sky News provided no further details, and Standard Chartered was not immediately available for comment on Saturday.

Standard Chartered agreed in April to pay $1.1 billion (905.42 million pounds) to U.S. and British authorities for conducting illegal financial transactions that violated sanctions against Iran and other countries.

(Reporting by Kanishka Singh in Bengaluru; Editing by Gareth Jones)

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