The UK bank is bracing itself for as much as a $600 million
fine to be levied by US regulators in the next few weeks, The NY Post has learned.
The fine stems from a joint investigation alleging that the bank laundered $250
billion for the dictatorial Iranian regime.
Regulators, who are putting the finishing touches on the
settlement, are targeting a fine ranging from $300 million to $600 million,
according to sources familiar with the situation. A joint regulatory
settlement, which is likely to be announced sometime in September, would come
weeks after newbie New York Department of Financial Services regulator Benjamin
Lawsky struck a $340 million settlement with the bank’s boss, CEO Peter Sands.
This time around, StanChart will have to shell out dough to
US officials, including Manhattan District Attorney Cyrus Vance, the Justice
Department and a division of the US Treasury……
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