Standard Chartered under pressure as Stefanik asks for DoJ probe

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Standard Chartered (OTCPK:SCBFF [https://seekingalpha.com/symbol/SCBFF]) is down ~6% after Rep. Elise Stefanik (R-N.Y.) requested that the Department of Justice launch an investigation into the bank over allegations of dodging sanctions placed on it.

Those restrictions are in regards to allegedly violating Iranian sanctions and not following anti-money laundering procedures. The UK-based bank was fined $1.1B in 2019 from regulators in the US and UK.

Stefanik's urgency is due to a deferred-prosecution agreement set to end on Aug. 19.

Stefanik's letter to Attorney General Pam Bondi states that "Standard Chartered Bank made at least $9.6 billion in illicit payments to known terrorists. China has been using Standard Chartered Bank to purchase sanctioned Iranian oil.

"These payments were hidden from required disclosure under the current deferred prosecution agreement being supervised by the Southern District of New York and the U.S. Attorney for Washington D.C."

Stefanik also criticized [https://stefanik.house.gov/2025/8/stefanik-requests-ag-bondi-to-investigate-standard-chartered-bank-s-illicit-payments-and-ny-ag-tish-james-inaction] New York Attorney General Letitia James for not taking action against Standard Chartered in 2024 despite the allegations.

She also requested that acting U.S. Attorney for New Jersey, Alina Habba, lead the probe.

Standard Chartered (OTCPK:SCBFY [https://seekingalpha.com/symbol/SCBFY]) told [https://www.marketwatch.com/story/standard-chartereds-stock-is-slumping-as-a-republican-lawmaker-calls-for-a-probe-1284cdc9] _MarketWatch_ that the allegations are "entirely false."

MORE ON STANDARD CHARTERED

* Standard Chartered PLC 2025 Q2 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4807358-standard-chartered-plc-2025-q2-results-earnings-call-presentation]
* Standard Chartered PLC (SCBFF) Q2 2025 Earnings Call Transcript [https://seekingalpha.com/article/4807354-standard-chartered-plc-scbff-q2-2025-earnings-call-transcript]
* Standard Chartered: Taking Stock After The Big 2025 Rally [https://seekingalpha.com/article/4802072-standard-chartered-taking-stock-after-the-big-2025-rally]
* Standard Chartered PLC reports Q2 results [https://seekingalpha.com/news/4475177-standard-chartered-plc-reports-q2-results]
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