Standard Chartered Bank will pay $327 million under a deferred prosecution agreement over the bank’s removal of information relating to transactions worth more than $200 million on behalf of Iranian and Sudanese clients, the Manhattan District Attorney’s office and U.S. Department of Justice announced yesterday.
The British bank is paying the forfeitures and penalties in connection to its practice from 2001 to 2007 of “stripping”removing information that would have indicated the source of payments from a sanctioned country or entity that would otherwise have been blocked due to federal regulations.
