Standard Chartered and Bank of Tokyo Mitsubishi said subject to reopened inquiries

Magnifying Glass

U.S. prosecutors have reopened investigations into Standard Chartered to determine whether the bank, which entered into a deferred prosecution agreement in 2012, withheld evidence of Iran sanctions violations, two people briefed on the matter said.

Bloomberg News reports the U.S. Justice Department, Manhattan District Attorney Cyrus Vance Jr. and Benjamin Lawsky, superintendent of New York’s Department of Financial Services, are all reopening their original inquiries into the bank to determine whether it intentionally withheld information from regulators before the 2012 settlements, said the people, who asked not to be named because the probes are confidential.

Lawsky’s office is also planning to penalize Bank of Tokyo-Mitsubishi UFJ Ltd., part of Japan’s biggest banking group, for allegedly persuading PricewaterhouseCoopers’ Regulatory Advisory Services unit to downplay its conduct in a report about its activities to regulators, according to one of the people. PwC agreed in August to pay $25 million under a settlement with Lawsky’s office.

Hit the link below to access the complete Bloomberg News article:

Standard Chartered, Bank of Tokyo Said Getting New Review

Nedbank Rules Out Special Dividend as It Eyes East Africa

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts