(NEW YORK) -- Standard Chartered has agreed to pay hundreds of millions of dollars in fines for transactions involving clients in Iran, Sudan, Libya and Burma.
The British banking giant broke New York state banking laws by moving money through the U.S. financial system on behalf of clients based in these countries -- a violation of American sanctions.
Prosecutors called Standard Chartered's conduct "flagrant and unacceptable." They said the business should have been rejected.
Court records said the bank told customers living in Iran or the other sanctioned countries to use a London banking code or otherwise conceal the true nature of the transactions.
Standard Chartered has agreed to forfeit $227 million to the Justice Department.
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