Israel Matzav

Standard Chartered settles with NY regulators for $340 million

London's Standard Chartered Bank has settled charges of money laundering for Iran which were made by New York State banking regulators. The settlement cost the bank $340 million.

Standard Chartered has agreed to pay $340 million to settle allegations that it hid transactions with Iran from regulators, the New York Department of Financial Services said on Tuesday.

In addition to the civil penalty, the bank agreed to install a monitor for at least two years to evaluate the bank's money-laundering risk controls in its New York branch, the department said in a statement.

The department also said it had adjourned a hearing set for Wednesday at which it had called on Standard Chartered to demonstrate why its New York state banking license should not be revoked.

"The parties have agreed that the conduct at issue involved transactions of at least $250 billion," the department said in a statement.

The bank did not immediately return a call seeking comment on the settlement.

You will recall that the bank claimed that only $14 million was involved and the State claimed it was $250 billion, so that last admission is quite significant.

Labels: Iran sanctions regime, London, money laundering, New York City

posted by Carl in Jerusalem @ 9:43 AM