Standard Chartered pays US$327m in wire stripping settlement

US$3m off the mark, not bad: Standard Chartered Bank (SCB) will pay US$327m (not US$330m as earlier reported [1]) for systematically working round US sanctions between 2001 and 2007. The settlements announced yesterday [10 December 2012], with the US Department of Justice (DOJ) – both federal and local District Attorneys’ offices, the Office of Foreign Assets Control (OFAC) and the Federal Reserve Board of Governors (FRB), come on top of the US$340m penalty agreed with the New York Department of Financial Services (DFS), for the same conduct, in August 2012. [2] The OFAC settlement [3] sets out the facts, albeit in perhaps less colourful terms than the DFS order. [4]