On 30 October 2014, it was widely reported that US authorities have decided to reopen their investigations into UK bank Standard Chartered. The new probe is to ascertain whether the bank hid transactions that were in breach of US Iranian sanctions at the time of their settlement with US authorities in 2012.
The bank was previously investigated for breaching US sanctions by hiding the identities of Iranian customers in hundreds of billions of dollars of transactions. It reached a settlement agreement with the US Department of Justice (DOJ) and the New York Department of Financial Services (DFS) in 2012 and subsequently paid $340m to the DFS and $300m to a number of regulators including the DOJ.
It is now alleged that Standard Charter did not reveal the full extent of its dealings with Iran during the 2012 settlement negotiations, which has prompted the DOJ, the DFS and the Manhattan District Attorney to reopen their investigations. It is reported that regulators investigating another bank found evidence of transactions with Iran that Standard Charter had not disclosed previously.