Finance

Standard Chartered to pay $18 mln for possible breach of US financial laws by its Zimbabwean subsidiary

Friday, 12 April 2019 16:00
Standard Chartered to pay $18 mln for possible breach of US financial laws by its Zimbabwean subsidiary

(Ecofin Agency) - Standard Chartered Bank reached an agreement with American authorities to refund the tune of $18 million to terminate a US financial law breach case involving its Zimbabwean subsidiary.   

Indeed, some of the banking groups’ clients who were blacklisted by the US treasury department made financial transactions from the accounts lodged in Standard Chartered Bank Zimbabwe towards financial institutions in the USA.

The USA was sensitive to the good faith showed by the banking group by reporting this possible violation of US laws via its Zimbabwean subsidiary. The country estimated that Standard Chartered Zimbabwe’s staff were probably unaware of these possible breaches.  

Thanks to that agreement, Standard Chartered is avoiding huge fines like those imposed on large groups in the past for such violations.

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