December 11, 2012 - Standard Chartered has reached an agreement with several US authorities for its lack of compliance with various rules before the onset of the global economic slump.

The international bank - which is headquartered in the UK and employs around 87,000 worldwide - announced yesterday (10 December) that an "extensive" internal investigation that led the firm to voluntarily report its findings to regulators.

Charges imposed on the financier by bodies such as the Office of Foreign Assets Control (OFAC), the Federal Reserve Bank of New York and the Department of Justice relate mainly to its failure to comply with US dollar payment practices between 2001 and 2007.

For instance, the OFAC established that in this six-year timeframe, the bank illicitly processed $24 million worth of transactions with Iranian parties.

As part of the conditions of the censures it is facing, Standard Chartered is required to pay a cash fine of $327 million before the end of the year.