Standard Chartered to pay $1.1B for violating Iran sanctions

Financial services giant Standard Chartered Bank agreed Tuesday to pay U.S. and British authorities more than $1 billion to resolve allegations that it processed transactions for customers in Iran and other countries under U.S. sanctions.

The London-based bank, which previously drew scrutiny for allegedly scheming with the Iranian government to launder $250 billion, said it accepts full responsibility for the new batch of violations and for the internal lapses that allowed the illegal transactions to go unchecked.

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