British bank agrees to pay $1.1 billion in fines

British financial services giant Standard Chartered Bank will pay $1.1 billion in fines to settle allegations by U.S. and British authorities that it attempted to evade U.S. sanctions imposed on Iran, Cuba, Burma and other nations.

The settlement Tuesday was announced by the U.S. Treasury, the Federal Reserve and other bank regulators in the U.S. and Britain.

The Treasury said that from June 2009 until May 2014, Standard Chartered processed 9,335 transactions totaling $437.6 million that involved persons or countries subject to sanctions administered by the department's Office of Foreign Assets Control.

In a prepared statement, Bill Winters, the bank's group chief executive, said that the company was "pleased to have resolved these matters and to put these historical issues behind us."