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Standard Chartered to pay $327 million to resolve U.S. sanctions case

Dec 10 2012 Aruna Viswanatha, Reuters

Standard Chartered Plc agreed to pay $327 million to resolve allegations that it violated U.S. sanctions against Iran, Sudan and two other countries, capping months of legal headaches for the British bank. The U.S. Justice Department and the New York District Attorney's office said on Monday the bank moved millions of dollars through the U.S. banking system on behalf of customers in the four sanctioned countries. The fine came on top of a separate payment of $340 million made in August by Standard Chartered to New York's state banking regulator over Iranian sanctions. Taken together, the two penalties could almost wipe out the bank's profit growth this year. Nevertheless, its shares nudged higher after Monday's announcement, which was in line with payment provisions the bank disclosed last week. Another British bank, HSBC Holdings Plc, is expected as early as Tuesday to pay around $1.8 billion to resolve U.S. money-laundering allegations, according to

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