Civil Enforcement Information - Standard Chartered Bank (First Global Settlement)

Date issued: Dec. 10 2012

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TURBOFAC Commentary (381 words)

Notes:

1) As reported by Bloomberg in 2016, the SCB investigation was reopened in 2014, "to determine whether the bank had withheld evidence of Iran sanctions violations. What prosecutors want to know now is whether the law firms improperly advised the London-based lender on the submission of certain information during the investigation that led to the 2012 settlement." See "Law Firms' Advice to Standard Chartered Comes Under U.S. Glare," 12 Jan 2016, at https://www.bloomberg.com/news/articles/2016-01-12/u-s-probes-lawyers-on-standard-chartered-sanctions-settlement. See also "StanChart Said to Brace for New Iran Fine of $1.5 Billion" (https://www.bloomberg.com/news/articles/2018-10-01/stanchart-said-to-brace-for-new-iran-fine-of-about-1-5-billion).

This resulted in Civil Enforcement Information - Standard Chartered Bank (Second Settlement) (2019); Settlement Agreement (OFAC) - Standard Chartered Bank (Second Settlement) (2019) and Amended Deferred Prosecution Agreement - Standard Chartered Bank (Second Settlement) (2019).

2) OFAC states that "[w]hile SCB's omission of information affected approximately...