Standard Chartered Bank signs $340M settlement over alleged scheming with Iranian government
A man walks past the Standard Chartered Bank building in Hong Kong, Oct. 13, 2010. / File,AP Photo/Kin Cheung
(AP) ALBANY, N.Y. - A British bank accused of scheming with the Iranian government to launder billions of dollars has signed an agreement with New York regulators to settle their investigation with a $340 million payment.
Standard Chartered Bank says it's pleased to reach the settlement and continues working toward resolution with the Department of Justice, the Treasury and the Federal Reserve.
The agreement was signed Friday. State Department of Financial Services Superintendent Benjamin Lawsky says it follows terms announced Aug. 14, including two years of special monitoring at the bank's New York branch and the assignment of personnel to oversee due diligence.
The agreement relates to $250 billion in 59,000 U.S. dollar transactions for Iranian banks, corporations and individuals from 2001 through 2007.
The U.S. imposes sanctions on political enemies to hinder their access to the global financial system.
British bank to settle Iran money probe
U.K. bank denies laundering money for Iran
Report: U.S. banks subject of money-laundering probe
Popular on MoneyWatch
- Reverse cell phone lookup service is free and simple
- Amy's Baking Company could face legal 'nightmare'
- 4 Things Not to Buy at Costco
- Top 10 professional life coaching myths
- 12 great college graduation gift ideas
- When it comes to vacations, the U.S. stinks 117 Comments
- Amy's Baking Company: Post-meltdown PR campaign
- TGI Fridays nailed for doctoring booze