Standard Chartered is paying $1.1bn in penalties to US and UK authorities in relation to breaching rules relating to sanctions and financial crime. This exceeds the $900m provision the bank announced in February for sanctions fines.
The bank is stumping up $947m to US agencies and £102m to the UK’s Financial Conduct Authority, it was announced on Tuesday.
It took a $900m provision
in the fourth quarter of last year — as this is not enough, it will take a further charge of $190m