ALBANY, N.Y. — 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 today.
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.
Copy the Story LinkSend questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.