Standard Chartered, New York regulator reach $340 million settlement

Standard Chartered Plc has agreed to pay $340 million to settle allegations that it hid transactions with Iran from regulators, the New York Department of Financial Services said on Tuesday.

In addition to the civil penalty, the bank agreed to install a monitor for at least two years to evaluate the bank's money-laundering risk controls in its New York branch, the department said in a statement.

[Source: Reuters, New York, 14Aug12]

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