Standard Chartered agrees to pay US$340 million to settle allegations in the US
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British-based Standard Chartered has agreed to pay US$340 million to settle allegations by New York's bank regulator that it hid transactions linked to Iran.
The resolution came after Standard Chartered's chief executive, Peter Sands flew to New York to take control of negotiations.
Last week, the US regulator said Standard Chartered had hidden Iran-linked transactions worth US$250 billion, calling it a rogue institution for breaking US sanctions laws.
The New York regulator also ordered the bank to demonstrate, at a hearing set later today, why its license to do business in New York should not be revoked.
But that hearing has been adjourned.
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