Standard Chartered faces fine in coming weeks for sanctions breaches: Sky News

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

(Reuters) – Standard Chartered PLC (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 ($12.15 million) on the bank in the coming weeks, Sky News said bit.ly/2ZatPEx.

Sky News provided no further details, and Standard Chartered was not immediately available for comment on Saturday.

Standard Chartered 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

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