Home / Issues / US and UK sanctions and financial-crime-control resolutions with Standard Chartered Bank (April 2019)
US and UK sanctions and financial-crime-control resolutions with Standard Chartered Bank (April 2019)
Settledas of 31 Oct 2026United States; United KingdomStandard Chartered Bankdraft
Current status
Confirmed fact · as of 9 Apr 2019
The US DOJ and Manhattan DA resolutions were amended/extended DEFERRED PROSECUTION AGREEMENTS with forfeiture and fines - SCB admitted responsibility but did not plead guilty and was not criminally convicted (a former Dubai employee pleaded guilty separately).
A U.S. Department of Justice, Standard Chartered Bank Admits to Illegally Processing Transactions in Violation of Iranian Sanctions and Agrees to Pay More Than $1 Billion (9 Apr 2019) · retrieved 31 Oct 2026
Confirmed fact · as of 9 Apr 2019
The OFAC resolution was a CIVIL settlement (USD 639,023,750, plus USD 18,016,283 for Zimbabwe) and the UK FCA action was a REGULATORY financial penalty (GBP 102,163,200) - both administrative, not criminal.
A U.S. Department of the Treasury, Office of Foreign Assets Control, OFAC settlement with Standard Chartered Bank (recent actions, 9 April 2019) (9 Apr 2019) · retrieved 31 Oct 2026 · A UK Financial Conduct Authority, FCA fines Standard Chartered Bank GBP 102.2 million for poor AML controls (9 Apr 2019) · retrieved 31 Oct 2026
Unanswered question · as of 9 Apr 2019
The exact Federal Reserve and New York DFS penalty figures are referenced in the US releases but are not itemised in the primary records relied on here (which state SCB's additional penalties to OFAC, the Fed, DFS and the FCA together exceeded USD 477m); the per-agency Fed/DFS amounts are therefore not asserted in this record.
A U.S. Department of Justice, Standard Chartered Bank Admits to Illegally Processing Transactions in Violation of Iranian Sanctions and Agrees to Pay More Than $1 Billion (9 Apr 2019) · retrieved 31 Oct 2026 · B Standard Chartered PLC, Standard Chartered resolves legacy conduct and control issues for $1.1bn; monitorships terminated (9 Apr 2019) · retrieved 31 Oct 2026
Last reviewed 31 Oct 2026. An initial allegation is not the final event; this block is always shown.
How it unfolded
Issue raised · 9 Apr 2019
Proposition: US and UK authorities alleged that Standard Chartered Bank processed US-dollar transactions through the US financial system for customers connected to Iran and other sanctioned jurisdictions in violation of US sanctions laws, and that the bank had serious and sustained anti-money-laundering control failings in its UK correspondent banking business and its UAE branches.
Affected parties: Standard Chartered Bank, U.S. Department of Justice, U.S. Treasury Office of Foreign Assets Control, Board of Governors of the Federal Reserve System, New York State Department of Financial Services, Manhattan District Attorney's Office, UK Financial Conduct Authority
Originating record: A U.S. Department of Justice, Standard Chartered Bank Admits to Illegally Processing Transactions in Violation of Iranian Sanctions and Agrees to Pay More Than $1 Billion (9 Apr 2019) · retrieved 31 Oct 2026
Response · Standard Chartered PLC · 9 Apr 2019
Attributed claim · as of 9 Apr 2019
Standard Chartered said it agreed to pay USD 947m to US authorities and GBP 102m to the UK FCA, about USD 1.1bn in total, with its DOJ and Manhattan DA deferred prosecution agreements extended to 9 April 2021 and no new compliance monitorships. The Group said it 'accepts full responsibility for the violations and control deficiencies', most of which predated 2012, and described the conduct of two former junior employees as unacceptable. CEO Bill Winters said the circumstances were 'not representative of the Standard Chartered I am proud to lead today', and Chairman Jose Vinals stressed continuous improvement of financial-crime controls. The bank cited a sixfold increase in financial-crime compliance headcount since 2012 and governance, sanctions, training and screening reforms. — Standard Chartered PLC
B Standard Chartered PLC, Standard Chartered resolves legacy conduct and control issues for $1.1bn; monitorships terminated (9 Apr 2019) · retrieved 31 Oct 2026
Outcome · U.S. Department of Justice and Manhattan District Attorney's Office (amended deferred prosecution agreements); U.S. Treasury Office of Foreign Assets Control, Federal Reserve and New York DFS (civil/administrative settlements); UK Financial Conduct Authority (regulatory financial penalty) · 9 Apr 2019
settlementbinding
Confirmed fact · as of 9 Apr 2019
On 9 April 2019 Standard Chartered Bank resolved the matters across multiple forums for about USD 1.1bn, recorded here per forum. (1) DOJ - SCB's December 2012 DEFERRED PROSECUTION AGREEMENT was amended and extended by two years; SCB agreed to a USD 240m forfeiture and a USD 480m fine (after credits the DOJ collected USD 52,210,160 of the fine plus the forfeiture) in connection with a two-count felony information for conspiring to violate the International Emergency Economic Powers Act. SCB admitted responsibility; it did not plead guilty and was not convicted. (A former SCB Dubai employee, 'Person A', separately pleaded guilty; those are individual, not corporate, pleas.) (2) Manhattan DA - the DA's DPA was likewise amended and extended two years with an additional USD 292,210,160 penalty; SCB admitted violating New York State law. (3) OFAC - a CIVIL settlement of USD 639,023,750 for apparent violations of the Iran, Cuba, Sudan, Syria and Burma sanctions programmes, plus a separate USD 18,016,283 settlement for Zimbabwe-related apparent violations. (4) UK FCA - a REGULATORY financial penalty of GBP 102,163,200 (about GBP 102.2m) under the Money Laundering Regulations 2007 for AML control failings in UK correspondent banking and UAE branches; the bank received a 30% settlement discount (otherwise GBP 145,947,500). The Federal Reserve and NY DFS imposed further civil penalties. Credits were applied across US authorities to avoid duplication.
A U.S. Department of Justice, Standard Chartered Bank Admits to Illegally Processing Transactions in Violation of Iranian Sanctions and Agrees to Pay More Than $1 Billion (9 Apr 2019) · retrieved 31 Oct 2026 · A U.S. Department of the Treasury, Office of Foreign Assets Control, OFAC settlement with Standard Chartered Bank (recent actions, 9 April 2019) (9 Apr 2019) · retrieved 31 Oct 2026 · A UK Financial Conduct Authority, FCA fines Standard Chartered Bank GBP 102.2 million for poor AML controls (9 Apr 2019) · retrieved 31 Oct 2026 · B Standard Chartered PLC, Standard Chartered resolves legacy conduct and control issues for $1.1bn; monitorships terminated (9 Apr 2019) · retrieved 31 Oct 2026
Remedy: USD 240m DOJ forfeiture plus a USD 480m DOJ fine (USD 52,210,160 collected after credits); Manhattan DA additional USD 292,210,160; OFAC civil settlement USD 639,023,750 (plus USD 18,016,283 Zimbabwe); FCA regulatory penalty GBP 102,163,200; further Federal Reserve and NY DFS civil penalties; two-year extension of the US DPAs to 9 April 2021.
Appeal/review: none — Negotiated resolutions. The US DOJ and Manhattan DA deferred prosecution agreements were amended and extended (no corporate conviction); the OFAC, Federal Reserve and NY DFS actions were civil/administrative; the FCA penalty was a regulatory final decision. A U.S. Department of Justice, Standard Chartered Bank Admits to Illegally Processing Transactions in Violation of Iranian Sanctions and Agrees to Pay More Than $1 Billion (9 Apr 2019) · retrieved 31 Oct 2026
How to read this. Allegation, response and outcome are separate, dated records. "Decided/resolved" appears only where a cited outcome supports it. Materially affected parties can request a correction via Corrections & response.