FILE PHOTO: A logo of Standard Chartered is displayed at the financial Central district in Hong Kong, China November 23, 2017. REUTERS/Bobby Yip/File Photo

WASHINGTON (Reuters) – London-based Standard Chartered PLC has agreed to pay U.S. and British authorities $1.1 billion over violations of sanctions on Iran and other countries, several government agencies said on Tuesday.

The penalty, which resolves an investigation that began some five years ago, was split between the U.S. Department of Justice, the U.S. Department of Treasury’s Office of Foreign Assets Control, the New York County District Attorney’s Office, the New York State Department of Financial Services, and the Britain’s Financial Conduct Authority (FCA).

In a statement on Tuesday, Standard Chartered said it accepted full responsibility for the violation, the vast majority