The Federal Reserve Board has fined Standard Chartered Bank of London and its parent company $164 million for the firm’s unsafe and unsound practices relating to inadequate sanctions controls and failure to disclose sanctions risks to the Federal Reserve.

The Fed is also requiring the firm to improve its U.S. law compliance program. Standard is also required to strengthen management oversight and perform annual risk-management assessments for high-risk operations. Standard Chartered is restricted from re-employing any individuals involved in the violations.

The Fed’s action is being taken in conjunction with actions by 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 U.K.’s Financial Conduct Authority. The penalties issued by all of the agencies total $1.1 billion.

The Fed previously fined the firm in 2012 for unrelated violations that occurred prior to the period covered by this action.