StanChart admits incorrect comments on US breaches

LONDON (Reuters): Standard Chartered’s Chairman John Peace on Thursday said comments made earlier this month that his bank had ‘no wilful act’ to avoid the US sanctions were inaccurate.

Peace said in a statement his comment made on 5 March on a call with reports were “Both legally and factually incorrect” and he retracted them. They directly contradicted the bank’s acceptance of responsibility in a deferred prosecution agreement.

“To be clear, Standard Chartered Bank unequivocally acknowledges and accepts responsibility for past knowing and wilful criminal conduct in violating the US economic sanctions laws and regulations,” Peace said in the statement.

Standard Chartered paid US$ 667 million last year to resolve allegations that it violated the US sanctions regarding Iran and three other countries.