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StanChart in fresh US probe over Iran
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US authorities are investigating whether Standard Chartered breached Iran-related compliance rules as recently as 2013, a year after it settled with them over earlier allegations of breaches and pledged to improve internal controls.
Standard Chartered鈥檚 chief executive Bill Winters said in a memo to senior staff addressing recent media reports, that 鈥渢he vast majority of the payments under investigation pre-date 2012, and none occurred after 2014,鈥 in the first public acknowledgement by the bank of the later time frame.
Media reports last week said that London-based Standard Chartered faced a possible US$1.5 billion fine for Iran-related sanctions violations, in addition to the US$667 million it paid in 2012 to settle alleged breaches between 2001 and 2007.
The investigation now underway focuses on breaches after 2007, with special emphasis on whether the US authorities were fully informed about the bank鈥檚 dealings with Iranian clients at the time of the 2012 settlement.
A spokesman for Standard Chartered confirmed the contents of yesterday鈥檚 memo, which was sent to hundreds of Standard Chartered鈥檚 senior managers, but declined to comment further.
The memo from Winters also addresses media coverage of Standard Chartered鈥檚 attempts to improve its financial crime controls.
鈥淲e have been cooperating with an investigation related to historical conduct and control issues,鈥 he said.
鈥淩esolving this legacy matter remains a key priority.
鈥淚t has been a long process, which cannot be helped.鈥
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