Standard Chartered sets aside $900m for UK, US fines
By Frank Prenesti
Date: Thursday 21 Feb 2019
(Sharecast News) - Standard Chartered said it was setting aside $900m (£688m) to cover fines resulting from regulatory investigations in the US and UK.
The company said the provision related to potential resolution of US investigations into alleged violations of sanctions, and for probes relating to foreign exchange trading in Britain.
StanChart included in the provision a £102.2m fine from the UK's Financial Conduct Authority related to "historical financial crime controls", and added that it was said it was considering its options "in relation to this decision notice penalty".
It also included a $40m fine from the New York Department of Financial Services for attempting to rig foreign exchange transactions from 2007 - 2013.
The Asia-focused bank has previously been the subject of multiple US investigations over its dealings with Iran which resulted in a $667m settlement in 2012.
The latest disclosure of past behaviour comes ahead of the publication of full-year financial results next week.
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