Standard Chartered expected to pay just over $1 billion to resolve US, UK probes: Report

Standard Chartered has been operating under deferred prosecution agreements with US authorities since 2012 New York: London-based Standard Chartered is expected to pay slightly more than $1 billion to resolve a nearly five-year-old investigation of potential US sanctions violations tied to its banking for Iran-controlled entities in Dubai, as well as a related UK probe, according to a person familiar with the matter. Standard Chartered has been operating under deferred prosecution agreements with US authorities since 2012, when it paid $667 million for illegally moving millions of dollars through the US financial system on behalf of customers in Iran, Sudan, Libya and Burma. The expected total payout also covers a roughly $134 million penalty from Britain’s Financial Conduct Authority related to historical financial crime controls. Standard Chartered declined to comment.