STANDARD CHARTERED is facing further heavy fines and possible criminal prosecutions over alleged breaches of US sanctions against Iran.
The bank is under investigation by the Department of Justice (DoJ) over allegations it violated the terms of a 2012 settlement. Three years ago it paid $667m (£439m) in penalties to US watchdogs after admitting deliberately disguising transactions that could have broken US sanctions against Iran and other states. Under a deferred prosecution agreement (DPA) signed at the time, the bank said it had ceased trading with Iranian clients in 2007.