Regulation

Standard Chartered pays $1.1bn to settle Iran probes

FCA says, in one instance, the bank opened an account for a customer who had £500,000 in cash in a suitcase

Standard Chartered pays $1.1bn to settle Iran probes
Photo: Getty Images

Standard Chartered will pay around $1.1bn (£842m) to settle long-running US and UK regulatory probes into its failure to comply with international sanctions and lax anti-money laundering controls.

The emerging markets-focused bank said on April 9 it will pay $947m to US agencies to end their investigation into its breach of US sanctions against Iran and a further £102.2m to the UK Financial Conduct Authority.

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