The Standard Chartered bank has reached a settlement with US and UK authorities for violating trade sanctions. The bank pays a fine of 947 million dollars in the United States. In addition, £ 102 million is transferred to the British government.

The settlement follows investigation by US prosecutors and the finance ministry. They accuse Standard Chartered of having processed transactions from Iranian companies and individuals through a branch in Dubai.

In 2012, the bank was also blamed for these violations. Standard Chartered then bought off $ 667 million in legal proceedings and promised to tighten controls on customer transactions. Later things turned out to be wrong.

The bank will also be under stricter supervision in the coming two years. The existing scheme will be extended by two years.

Standard Chartered already took a hefty fine into account. The bank had already set aside 900 million dollars for this. The company will reserve money for the remaining $ 190 million in the figures for the first quarter of this year.