Hat's off to Socialism FC, accepting a nominal shirt sponsorship deal with the Co Op.
They would never go with a multi-national bank with a dodgy history, would they?
Breach of sanctions fines (2012)[edit]
In August 2012 Standard Chartered agreed to pay $340 million to the
New York State Department of Financial Services over charges that the bank worked with the government of Iran to hide $250 billion in transactions in order to evade sanctions.
[81][82]
In December 2012 Standard Chartered agreed to pay a $327 million fine for having hidden similar transactions with Iran,
Myanmar, Libya, and Sudan.
[83]
Money laundering, breach of sanctions fine (2019)[edit]
On 9 April 2019, Standard Chartered paid
$1.1 billion to the
United Kingdom Government and the
United States of America's Department of the Treasury over deficiencies in the bank's money laundering control regime and for violating financial sanctions against
Myanmar, Zimbabwe, Cuba, Sudan, Syria, and Iran.
[84][85]
OFSI fine (2020)[edit]
In April 2020 Standard Chartered was fined £20.4 million by the UK's Office of Financial Sanctions Implementation for loans to a Turkish bank
DenizBank, which fell under E.U. financial sanctions on Russia due to its majority ownership by Russian bank
Sberbank of Russia.
[86][87]
Indian bank takeover fine (2020)[edit]
In August 2020
Enforcement Directorate fined Standard Chartered $13.6 million for foreign exchange rule violations in its 2007 takeover of
Tamilnad Mercantile Bank Limited.
[88]
Delay of reporting fraud fine (2021)[edit]
In January 2021 the
Reserve Bank of India issued a fine of ₹2 crore of Standard Chartered Bank-India for delays in its mandatory regulatory fraud reporting.
[89][90]
South African rand manipulation (2023)[edit]
In November 2023, after an 8 year litigation, the
Competition Commission fined Standard Chartered R42.7 million rand for various offences that related to manipulating the USD/ZAR currency pair which included the fixing of bids, offers, bid-offer spreads, the spot exchange rate and the fixing of the exchange rate at the
FIX. Standard Chartered assumed liability for its actions in manipulating the rand between 2007 and 2013.
[91][92]
See also[edit]