Standard Chartered To Pay $327M To Settle Money Laundering Claims

Standard Chartered To Pay $327M To Settle Money Laundering Claims

WASHINGTON, D.C. - Standard Chartered Bank (SCB) has agreed to the forfeiture of $227 million to the U.S. Department of Justice and to pay a $100 million penalty to the Federal Reserve Board for violating the International Emergency Economic Powers Act (IEEPA) by engaging in what is being deemed illegal transactions with a number of sanctioned entities, according to a press release issued on Dec. 11 by the U.S. Attorney's Office for the District of Columbia.

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