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StanChart fined $340m over Iranian deals
NEW YORK - Standard Chartered has settled allegations that it helped Iranian clients dodge US sanctions, announcing a fine of $340 million from a New York banking watchdog.
The “civil penalty” disclosed on Tuesday came amid allegations that the London-based bank hid 60,000 transactions with proscribed Iranian clients worth $250 billion over 10 years.
The settlement was far from the worst-case scenario — investors had feared the bank could lose its New York licence.
Under the terms of the settlement, Standard Chartered agreed to house a government anti-laundering monitor for two years at its New York branch.
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