August 17, 2019 / 11:44 AM / 4 months ago

Standard Chartered faces fine for sanctions breaches: Sky News

A logo of Standard Chartered is displayed at the financial Central district in Hong Kong, China November 23, 2017. REUTERS/Bobby Yip

(Reuters) - Banking group Standard Chartered (STAN.L) is facing a fine for failing to prevent sanctions breaches, Sky News reported on Saturday.

Britain's Office of Financial Sanctions Implementation, which includes police and intelligence officers as well as finance ministry officials, has notified the lender that it aims to impose a penalty of more than 10 million pounds ($12 million) on the bank in coming weeks, Sky News said bit.ly/2ZatPEx.

Sky News provided no further details. Standard Chartered said it had no comment on the report.

The bank agreed in April to pay $1.1 billion to U.S. and British authorities for conducting illegal financial transactions that violated sanctions against Iran and other countries.

Reporting by Kanishka Singh in Bengaluru; Editing by Gareth Jones and David Holmes

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