Legal fines dent StanChart profits

Administrative charges soared by 46% to $2.9 billion at Standard Chartered in 2018, as the bank prepared to pay fines related to past misconduct.

The bank put aside $900 million last year to cover penalties related to investigations into transactions violating US sanctions against Iran and improper conduct in foreign exchange trading, and a charge levied by the UK conduct watchdog for financial crime control failures.

In addition to these legal penalties, StanChart’s UK bank levy increased 47%

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