Standard Chartered holds settlement talks with regulators
August 12 , 2012
Standard Chartered is in talks with various law-enforcement officials, including New York's banking regulator, in a bid to resolve a probe into Iranian money transactions.
According to people familiar with the matter, the discussions are expected to last through the weekend with a resolution expected next week.
One set of talks is with federal officials while a separate negotiation is with the New York bank regulator.
The talks come after New York's State Department of Financial Services on Monday said the U.S. unit of the British bank had illegally hid 60,000 transactions with Iran for nearly ten years.
The bank has been accused of falsifying Swift wire payment directions by wiping out the message of unwanted data that showed the clients were Iranian.