Standard Chartered to pay $1.1 billion for sanctions violations

London-based Standard Chartered Plc has agreed to pay $1.1 billion to US and British authorities for illegal financial transactions involving Iran and other sanctioned countries, several government agencies announced on Tuesday. A former banker at the Dubai branch pleaded guilty in New York state court in connection with the conspiracy to violate sanctions, US state and federal authorities said. The latest penalty is a tally of fines and forfeitures imposed by US Department of Justice, the US Department of Treasury’s Office of Foreign Assets Control, the New York County District Attorney’s Office, the New York State Department of Financial Services, and Britain's Financial Conduct Authority. Standard Chartered agreed to enter into amended deferred prosecution agreements with the US Justice Department and the Manhattan District Attorney for conspiring to violate sanctions and falsifying New York business records.