AP: New York’s financial regulator says his agency has reached a $340 million settlement with Standard Chartered Bank over allegations it schemed with the Iranian government to launder $250 billion from 2001 to 2007. The Associated Press
ALBANY, N.Y. (AP) — New York’s financial regulator says his agency has reached a $340 million settlement with Standard Chartered Bank over allegations it schemed with the Iranian government to launder $250 billion from 2001 to 2007.
New York Superintendent of Financial Services Benjamin Lawsky says the British bank will pay the civil penalty to the state. It also will install a monitor for at least two years who will evaluate the money-laundering risk controls of its New York branch and take corrective measures. State agency’s examiners will be placed at the bank.
The bank had no immediate comment Tuesday.
In a statement released Monday night, Standard Chartered Bank said it “strongly rejects” and “contests” the New York regulators’ portrayal of its transactions with Iranian banks.
