Standard Chartered to face fine on sanctions breaches



LONDON: Standard Chartered PLC 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, British news channel reported.


The channel 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 US and British authorities for conducting illegal financial transactions that violated sanctions against Iran and other countries.

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