Standard Chartered faces fine for sanctions breaches

LONDON: Banking group Standard Chartered is facing a fine for failing to prevent sanctions breaches, Sky News reported on Saturday.

Britain’s Office of Financial Sanctions Implementation, which includes police and intelligence officers as well as finance ministry officials, has notified the lender that it aims to impose a penalty of more than £10 million (US$12 million) on the bank in coming weeks, Sky News said.

Sky News provided no further details. Standard Chartered said it had no comment on the report.

The bank agreed in April to pay US$1.1 billion to US and British authorities for conducting illegal financial transactions that violated sanctions against Iran and other countries.