Law360, New York (September 21, 2012, 5:43 PM ET) -- The New York Department of Financial Services announced Friday it had finalized a $340 million settlement with Standard Chartered PLC over claims the bank helped Iranian government-backed banks transfer more than $250 billion in violation of U.S. sanctions.
Standard Chartered had agreed to a preliminary deal Aug. 14, after the recently created financial regulator threatened Aug. 6 to revoke the “rogue” British bank’s New York banking license. The threat sprang from allegations the bank had dealt with Iranian government-sponsored financial institutions in roughly 59,000 sanctions-violating transactions,...
Standard Chartered Seals $340M NY Deal Over Iran Violations
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