StanChart to pay $402m to US regulators for Iran transactions

StanChart to pay $402m to US regulators for Iran transactions

HONG KONG - Asia-focused bank Standard Chartered expects to pay about US$330 million (S$402 million) to US regulators as settlement for its failure to comply with sanctions against Iran, denting its full year profit growth.

The payment is on top of the $340 million it has already paid to the New York State Department of Financial Services in the third quarter.

As a result of the New York settlement, profit before tax is expected to grow at a mid-single digit rate, the bank said.

Any earnings growth will mean StanChart is on track for a 10th straight year of record profits.

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