Standard Chartered Pays Over USD1 billion to US, UK Authorities to Settle Iran Transfer Cases
Standard Chartered PLC says it has agreed to pay USD947 million as monetary penalty to US agencies and other 102 million pound to UK Financial Conduct Authority (FCA) to settle cases related with money transfer to Iran during the sanction period. 
 
In a statement StanChart says, "The Group accepts full responsibility for the violations and control deficiencies outlined in the resolution documents, the vast majority of which predated 2012 and none of which occurred after 2014. These violations include the actions of two former junior employees, who were aware of certain customers' Iranian connections and conspired with them to break the law, deceive the group and violate its policies."
 
The lender says it has already set aside $900 million during fourth quarter of 2018 and will take further charge of $190 million in first quarter of 2019.
 
The settlement follows investigation by the US prosecutors including Department of Justice (DOJ), the Office of the District Attorney for New York County, the New York State Department of Financial Services (DFS), the Board of Governors of the Federal Reserve System and the Treasury's Office of Foreign Assets Control and UK's FCA, which found the bank had processed transactions from Iranian companies and individuals through its Dubai branch. 
 
Earlier in 2012 also, StanChart bought off $667 million in legal proceedings and had promised to tighten controls on transactions. 

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Naresh Goyal pledges his 26% stake in Jet Airways for loans from PNB
Naresh Goyal, founder of the now cash strapped Jet Airways, has pledged 26.01 per cent stake in Jet as security for loans from the Punjab National Bank (PNB).
 
The company told in a BSE filing on Thursday that Goyal had pledged 2.95 crore shares or 26.01 per cent of his stake in Jet with the PNB.
 
Goyal quit last month as the Chairman of Jet as part of a SBI-led banking consortium's debt resolution plan. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Delhi HC Issue Notices to RBI, Google Over GPay Operations in India
The Delhi High Court on Wednesday asked Reserve Bank of India (RBI) and Google India Digital Services Pvt Ltd to file their replies on a plea alleging Google Pay is not listed as an authorised operator in RBI's list of the 'payment system operators'. The petitioner has sought direction to the RBI to stop Google Pay operation in India.
 
A division bench of Chief Justice Rajendra Menon and Justice Anup Jairam Bhambhani issued notice to the RBI and Google India Digital Services on a public interest litigation (PIL) filed by Abhijit Mishra. During the hearing, the bench also asked RBI, how Google's mobile payment app, GPay, was facilitating financial transactions without the requisite authorisation from the central bank.   
 
In his plea, Mr Mishra alleged that Google Pay is offering its services without any authority to operate as payment system operator, which he claims is in violation of Section 4 sub section 1 of the Payment and Settlement Systems (PSS) Act 2007, published by the RBI on 20 March 2019.
 
Section 4 (sub section 1) of the PSS Act mentions that no entity, other than the RBI, will commence or operate a payment system except to operate under and in accordance with an authorisation issued without by the central bank.
 
Mr Mishra, in his plea says, "Google India Digital Services doing business as Google Pay though its operation in India, which are not monitored or authorised, and thus gaining access to personal information such as Aadhaar number, permanent account number (PAN) and transaction details of the public by acting as a payment and settlement systems operator."
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