August 17, 2019 / 12:07 PM / a month ago

Standard Chartered faces fine for sanctions breaches - Sky News

FILE PHOTO: People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo

(Reuters) - 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 pounds ($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 $1.1 billion to U.S. and British authorities for conducting illegal financial transactions that violated sanctions against Iran and other countries.

($1 = 0.8231 pounds)

Reporting by Kanishka Singh in Bengaluru; Editing by Gareth Jones and David Holmes

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