Standard Chartered to pay $327m

The bank is accused of hiding 60000 transactions with Iran London - Arabstoday British bank Standard Chartered will pay the US Federal Reserve and the Department of Justice more than $300m to settle charges it violated US sanctions on Iran, Burma, Libya and Sudan. The financial organisation was fined $100m by the US Federal Reserve, with the Department of Justice seizing assets worth $227m. The US Department of Financial Services has accused Standard Chartered of hiding 60,000 transactions with Iran worth $250bn over nearly a decade. In a statement, the US Federal Reserve said: "Under the cease and desist order, Standard Chartered must improve its program for compliance with US economic sanctions, Bank Secrecy Act, and anti-money-laundering requirements." It added that the British Financial Services Authority (FSA) had agreed "to assist the Federal Reserve in the supervision of the cease and desist order." There was no comment from Standard Chartered.