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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    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
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    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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