StanChart may settle with UK and US regulators as soon as today
By Alexander Bueso
Date: Tuesday 09 Apr 2019
(Sharecast News) - StanChart may reach a settlement with both US and British regulators relating to the potential violation of US sanctions against Iran as soon as Tuesday.
According to Reuters, which cited a person familiar with the matter, the Asian-focused lender was expected to pay over $1bn (£765m) in order to resolve the roughly five-year old investigation by US authorities.
In February, the lender announced it had set aside $900m in provisions in order to cover the potential cost of the fines that both regulators might impose.
The probe by US authorities was centred on whether StanChart permitted clients with interests in Iran to carry out transactions via its platform between 2007 and 2014.
As of 0826 BST, shares of StanChart were trading up by 0.81% to 650.8p.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN