Standard Chartered to pay $330 million in Iran settlement

  • Standard Chartered on Thursday said it is to pay $330 million to U.S. regulators to settle claims that it did not comply with American sanctions against Iran.

    The amount is it addition to the $340 million it paid to New York's Department of Financial Services (DFS) earlier this year.

    The DFS had accused the London-based bank of hiding 60,000 transactions with Iran worth some $250 billion over the past decade.

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

    The bank has admitted that some of its transactions did violate sanctions but that the amount was only 300 transactions, worth about $14 million.