Standard Chartered will pay the United States $1.1 billion in fines for violation of U.S sanctions against Iran and the anti-money laundering laws in Britain.

U.S attorney Jessie Liu says Standard Chartered “undermined the integrity of our financial system and harmed our national security by deliberately providing Iranians with coveted access to the U.S. economy.”

She added: “The fine announced today makes it clear that culprit companies will pay a heavy price.”

Out of this amount, $947 million dollars will be paid to U.S officials, with $639 million paid to the treasury and the rest to the state of New York and the Federal Reserve.

Although this amount is more than what Standard Chartered had predicted, the bank was able to make an arrangement with U.S officials to pay the fine in two years.

Once before, in 2012, Standard Chartered had violated U.S sanctions against Iran and was forced to pay $667 million.

The U.S has accused Standard Chartered of not just violating sanctions against Iran, but violating sanctions against Syria, Myanmar, Sudan, Cuba, and Zimbabwe.

A former Standard Chartered banker in Dubai in the UAE was charged and pleaded guilty in a New York state court to sanctions-related violations. Also, an Iranian customer was criminally charged by federal prosecutors in Washington D.C.

 According to British officials, the bank must also pay 102.2 million pounds to the British government, which is related to the bank’s dealings with another bank in UAE which was connected to ISIS.

Britain also announced that Standard Chartered has opened an account for a diplomat to the amount of 3 million UAE dirham and 500 thousand pounds without checking the source of the money.

Standard Chartered has accepted all the charges. Bill Winters, the CEO of the bank stated: “We are happy that these problems are being solved…The circumstances that led to today’s resolutions are completely unacceptable… and not representative of the bank today.”