WASHINGTON: London-based Standard Chartered PLC has agreed to pay US and British authorities $1.1 billion over violations of sanctions on Iran and other countries, several government agencies said on Tuesday.
The penalty, which resolves an investigation that began some five years ago, was split between the US Department of Justice, the US Department of Treasury’s Office of Foreign Assets Control, the New York County District Attorney’s Office, the New York State Department of Financial Services, and the Britain’s Financial Conduct Authority (FCA).
In a statement on Tuesday, Standard Chartered said it accepted full responsibility for the violations, the vast majority of which predated 2012 and none of which occurred after 2014. The bank said it had cooperated proactively and fully with the authorities’ investigations.
“The circumstances that led to today’s resolutions are completely unacceptable and not representative of the Standard Chartered I am proud to lead today,” Bill Winters, group chief executive, said in a statement.
The bank has been operating under a deferred prosecution agreement with US authorities since 2012, when it paid $667 million for illegally moving millions of dollars through the US financial system on behalf of customers in Iran, Sudan, Libya and Myanmar, formerly known as Burma.
The agreement has been extended numerous times, most recently for 10 days and set to expire on Wednesday.
Standard Chartered said in February it had set aside $900 million for the potential resolution of violations of US sanctions and foreign exchange trading. That sum also included the FCA penalty.
Standard Chartered to pay $1.1bn for sanctions violations
Standard Chartered to pay $1.1bn for sanctions violations
- The bank has been operating under a deferred prosecution agreement with US authorities since 2012, when it paid $667m for illegally moving millions through the US financial system
- In a statement, Standard Chartered said it accepted full responsibility for the violations, the vast majority of which predated 2012 and none of which occurred after 2014
Closing Bell: Saudi benchmark index edged up to close at 10,549
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 58.39 points, or 0.56 percent, to close at 10,549.08.
Total trading turnover reached SR1.59 billion ($425 million), with 218 stocks advancing and 37 declining.
The parallel market, Nomu, added 222.72 points, or 0.96 percent, to finish at 23,519.01, as 43 stocks rose and 21 retreated. Meanwhile, the MSCI Tadawul Index increased by 6.11 points, or 0.44 percent, to close at 1,393.42.
Leading the day’s gains was Alkhaleej Training and Education Co., whose shares jumped 7.63 percent to SR20.45. Other strong performers included Consolidated Grunenfelder Saady Holding Co., up 6.60 percent to SR9.69, and Abdullah Saad Mohammed Abo Moati for Bookstores Co., which rose 6.48 percent to SR48.98.
On the downside, Naseej International Trading Co. recorded the largest decline, falling 2.44 percent to SR34.44, while National Gas and Industrialization Co. dropped 1.79 percent to SR93.10 and Nama Chemicals Co. slipped 1.32 percent to SR23.99.
Saudi Aramco Base Oil Co., or Luberef announced the signing of a memorandum of understanding with Saudi Aramco for a GIII+ production facility in Jazan.
The 18-month agreement, which may be renewed, is a key step in the Group III+ Project aimed at enhancing production capacity. The MoU is non-binding, and any future approvals, formal agreements, or financial impacts will be disclosed in line with regulatory guidelines. Luberef ended the session at SR96.10, down 0.26 percent.
Meanwhile, the Power and Water Utility Co. for Jubail and Yanbu, or Marafiq, reported receiving official notice of higher energy product prices used in production. The company estimated the financial impact for 2026 at 5.6 percent of total cost of sales, based on its most recent audited 2024 statements.
The effect is expected to appear in the first quarter of the 2026 fiscal year. Marafiq said it is working to mitigate the impact through improved production efficiency, enhanced plant reliability, optimized asset utilization, and cost reductions. The stock closed at SR36.80, up 1.03 percent.
