Standard Chartered Bank Enters Into Deferred Prosecution Agreement for Export Control Violations

On December 10, 2012, Standard Chartered Bank, a financial institution headquartered in London, entered into a deferred prosecution agreement with the Department of Justice (DOJ) and a deferred prosecution agreement with the New York County District Attorney’s Office for violating New York state laws by illegally moving millions of dollars through the U.S. financial system on behalf of sanctioned Iranian, Sudanese, Libyan, and Burmese entities.  The bank also entered into settlement agreements with the Treasury Department’s Office of Foreign Assets Control (OFAC) and the Board of Governors of the Federal Reserve System.[1]