Standard to resolve US sanctions case

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StandardChartered REUTERS A woman walks past a Standard Chartered bank in London.

British bank Standard Chartered Plc will pay $327 million to resolve allegations that it violated US sanctions and other laws, the Federal Reserve said on Monday.

The bank will pay $100 million to resolve Fed allegations that it provided “inadequate and incomplete responses” to bank examiners and provided insufficient oversight of its sanctions compliance program, the Fed said.

The bank separately entered into deferred prosecution agreements with the US Justice Department and the New York District Attorney, and will forfeit $227 million in connection with those agreements, the Fed said. - Reuters

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