By Steve Goldstein
Bank says allegations are ‘entirely false’
Standard Chartered shares dropped in late London trade.
Standard Chartered PLC shares slumped on Friday after a lawmaker close to the Trump administration requested that the Justice Department probe the bank over alleged sanctions violations.
Rep. Elise Stefanik, in a letter she released to the public, wrote to Attorney General Pam Bondi alleging sanctions evasion by the U.K.-headquartered bank.
Standard Chartered was fined $1.1 billion in 2019 by U.S. and U.K. authorities over evading sanctions and lacking proper money-laundering controls. It’s also facing a $1.9 billion lawsuit in the U.K. by investors over Iran sanctions violations.
The New York Republican said an existing deferred-prosecution agreement is due to expire on Aug. 19.
Standard Chartered shares (UK:STAN) fell in London as the letter was released, losing 7% in late trade.
“The underlying allegations – including the claim that there are $9.6 billion in unlawful transactions – are entirely false and have been rejected by the U.S. courts multiple times,” the bank said in a statement.
The bank said it will “fully cooperate” with any relevant authority.
Stefanik also alleged that New York Attorney General Letitia James – whose agency oversees most foreign banks operating in the U.S. with a New York office – did not take action on the allegations when briefed last year.
Stefanik requested that the acting U.S. attorney for New Jersey, Alina Habba, be in charge of an investigation.
-Steve Goldstein
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08-15-25 1147ET
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