London-based Standard Chartered is expected to pay slightly more than $1 billion...
NEW YORK - London-based Standard Chartered is expected to pay slightly more than $1 billion to resolve a nearly five-year-old investigation of potential U.S. sanctions violations tied to its banking for Iran-controlled entities in Dubai, as well as a related U.K. probe, according to a person familiar with the matter.
The agreement has been extended numerous times, the last one extended for 10 days and set to expire on Wednesday. The latest U.S. investigation stems in part from evidence found during a probe of French bank BNP Paribas, which paid a record $8.9 billion in penalties and pleaded guilty in 2014 to sanctions-related charges, people familiar with the matter have told Reuters.
Two former Standard Chartered bankers operating out of Dubai also have been under scrutiny for possible misconduct and could face criminal charges in the probe, another person familiar with the matter told Reuters on Monday.
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