' Civil Penalty ' was issued after allegations emerged that banks based in London that has been hiding the 60,000 transactions worth US $ 250 billion (USD $ 2.375 billion) with clients prohibited Iran for more than 10 years.
Clients include two forbidden Government banks, the Central Bank of Iran and the National Bank of Iran, which Washington has been accused by Tehran sought nuclear weapons membantur and financing of terrorism.
According to the terms of the settlement with New York's Department of Financial Services, Standard Chartered had agreed to allow the watchdog of the Government's anti-money laundering in New York his branch for two years.
They will also appoint auditors in-house to check conformity with fulfilment AS sanctions. According to Standard Chartered, deal more details will soon be announced. CHIEF EXECUTIVE Peter Sands of Standard Chartered, was in New York when this deal happen.
Settlement through payment of the fine is still far from the worst case scenario that can be experienced by Standard Chartered. New York's Department of Financial Services had questioned whether banking licenses revoked so that Standard Chartered should more effectively deciding access to the u.s. market.
"Standard Chartered offers settlement for US $ 5 million, so this apparent increase," said Morningstar analyst, Erin Davis, quoted from AFP (15/8/2012). Davis added, a fine of US $ 340 million will not have a major impact on the finances of the bank. The first half of 2012, Standard Chartered reported a profit of US $ 3.95 billion ($ 37,53 billion).
But Standard Chartered will still be under the supervision of other u.s. regulators. Value stocks Standard Chartered has plummeted to 15% since the allegations surfaced a week ago. Yesterday, the Treasury Department told AFP that the settlement through a payment of fines is not going to stop an investigation of their own.
"Our Investigation continues. The Ministry of finance will continue to work with our regulators and law enforcement partners to hold the Standard Chartered up whatever activities need to be sanctioned, "said an official.
The Ministry of Justice also said they will continue to do the Act which is reasonably feasible. Meanwhile, the Federal Reserve said it continues to work with other agencies to find a comprehensive resolution.
Standard Chartered has hinted that they would also carry out the settlement with the same agency-Agency. They say, "designation of the time to whatever resolution will be communicated in due course."
The lobby group "United Against Nuclear Iran," said New York authorities too lenient and federal investigator should not have made the same mistake. "According to the report, Standard Chartered should get action penalties harsher," they wrote in a statement.
"Whatever financial institutions found in violation of the sanctions on Iran must accept death penalty and losing their licenses to do business in the us." In the past decade, the u.s. and its allies apply sanctions against banks, institutions and individuals to stop Iran's nuclear weapons program in Iran.
Questions about Iran's nuclear weapons became a hot issue in November'S U.S. presidential election later. Along several blocks of voting press President Barack Obama to crack down on Iran's regime more forcefully.
(ang/ang)
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