Standard Charter to Cough Up $340 Million to Settle Iranian Money-laundering Charges

Before you go, we thought you'd like these...
Before you go close icon

London-based bank Standard Chartered PLC has agreed to pay $340 million to the state of New York's bank regulator to settle charges that the bank hid $250 billion in more than 60,000 transactions for Iranian clients. The charges were brought eight days ago by the New York Superintendent of Financial Services.

The bank has also agreed to appoint a monitor selected by the New York agency to oversee its international transactions and to appoint its own auditors to ensure that the bank complies with US money-laundering laws.

The bank acknowledged that $250 billion of the settlement covers the transactions on behalf of Iranian clients according to a report in The Wall Street Journal. The US Treasury Department, the Federal Reserve, the US Department of Justice, and the Manhattan District Attorney's office have also been investigating Standard Chartered's actions and are not parties to today's announced settlement. The bank and regulators have been negotiating a settlement since last year.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Banking & Finance, International Markets, Law, Regulation Tagged: featured
Read Full Story


S&P 500 2,352.18 6.22 0.27%
DJIA 20,691.47 34.89 0.17%
NASDAQ 5,850.27 32.58 0.56%
DAX 12,043.80 4.12 0.03%
NIKKEI 225 19,262.53 177.22 0.93%
HANG SENG 24,358.27 30.57 0.13%
USD (per EUR) 1.08 0.00 0.11%
USD (per CHF) 0.99 0.00 -0.09%
JPY (per USD) 111.21 0.21 0.19%
GBP (per USD) 1.25 0.00 -0.33%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners