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Standard Chartered agrees on settlement with New York regulator

  • Standard Chartered has agreed on a $340 million settlement with New York regulators after it was accused of hiding $250 billion worth of transactions with Iran.

    A hearing that had been scheduled for Wednesday has now been adjourned.

    Last week, New York's State Department of Financial Services said the U.S. unit of the British bank had illegally hid 60,000 transactions with Iran for nearly ten years.

    The bank was accused of falsifying Swift wire payment directions by wiping out the message of unwanted data that showed the clients were Iranian.

    Standard Chartered has admitted that some of its transactions violated U.S. sanctions but that the amount was only 300 transactions, worth about $14 million.