Standard Chartered Bank plc: Violating Banking Sanctions for Profit

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CASE STUDY. On 6 August 2012, Benjamin Lawsky, superintendent of the New York State Department of Financial Services (DFS), announced findings from an investigation of Standard Chartered Bank New York (SCBNY).

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Standard Chartered Bank plc: Violating Banking Sanctions for Profit: Abstract

Standard Chartered Bank plc: Violating Banking Sanctions for Profit is a case study by Chijioke Oji and Viola Makin.

On 6 August 2012, Benjamin Lawsky, superintendent of the New York State Department of Financial Services (DFS), announced findings from an investigation of Standard Chartered Bank New York (SCBNY). The DFS claimed that over nine years, SCBNY had hidden 60 000 transactions totalling US$250 billion for Iranian banks on which the United States (US) government had imposed sanctions. The announcement resulted in a loss of £4.81 per share from Standard Chartered Bank’s (SCB) stock, erasing £11.5 billion from the bank’s market value. SCBNY accounted for 15% of SCB’s revenue and faced the possibility of having its banking licence revoked by the DFS.

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The purpose of this case is to generate discussion and learning on ethics and corporate governance.

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