New York's financial regulator says his agency has reached a $340 million settlement with a British bank over allegations it schemed with the Iranian government to launder $250 billion from 2001 to 2007, AP reports.
New York Superintendent of Financial Services Benjamin Lawsky says Standard Chartered 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 examiners will be placed at the bank.
Standard Chartered spokeswoman Julie Gibson says a formal agreement with details is expected shortly. The New York announcement, she said, set out the terms of the agreement.
