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Old March 11th, 2016, 08:04 PM
Default Standard chartered Iran FT

Hello sir I would like to know about the Standard chartered falls as report by FT so please provide me suitable information about this report.
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Old March 12th, 2016, 09:54 AM
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Join Date: Nov 2011
Default Re: Standard chartered Iran FT

Standard Chartered Plc shares fell as much as 3.8 percent after the Financial Times reported that the bank had dealt with Iranian clients in potential breach of U.S. sanctions.

About the Standard chartered report on Iran FT

The British lender handled foreign-exchange transactions and generated revenue from Iranian firms and companies with links to the Middle Eastern country.

The bank has previously said U.S. authorities are probing possible breaches of sanctions.

Standard Chartered was fined $300 million by the New York Department of Financial Services in August last year.

It was fined for failing to flag suspicious transactions, adding to a $667 million settlement in 2012.

The bank’s reputation with regulators and preventing future compliance blowups are high on the agenda of new Chief Executive Officer Bill Winters.

The group had a number of legacy obligations including dormant accounts, outstanding loans.

It also includes trade-finance agreements, Standard Chartered said in the e-mail.

It has been the group’s policy not to pursue any new business with known Iranian entities.

The shares have dropped about 28 percent this year, trailing HSBC Holdings Plc, which has declined 18 percent.
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