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.

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[freeamerica31]

I find it funny that NY sues internationally for what I see as a Federal issue vs any state level issue and receives millions of dollars and then turns around and request's the Federal Government to have Federal Tax Payers pay for new benefits for first responders of 9/11.

NY State is simply greedy and needs to take care of those responders as placed into their Union contracts and stop trying to leach off of the rest of America. Take all this money received and place it in an account for first responders if you feel the need but leave the federal taxpayer funds alone.