Fines on Standard Chartered increase

After the £100m fine by the FCA, the bank now facing a total of $1.1bn in fines for breaking US sanctions against Iran after the US Department of Justice, New York Department of Financial Services, Manhattan district attorney, Department of Treasury, Federal Reserve have joined with the FCA in an additional settlement.

The bank apparently also seems to have had issues with business in Myanmar, Cuba, Syria, Sudan and Zimbabwe, and although the bank had already set monies aside to cover the likely fines, the actual cost is $200m more than estimated.

The fines related to activities before 2014, but Standard Chartered also faced fines in 2012 when it paid $667m in settlement of allegations of sanctions breaches between 2001 and

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