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Standard Chartered faces fine for sanctions breaches: Sky News

Standard Chartered faces fine for sanctions breaches: Sky News

(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.