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Bank agrees settlement over probe
Standard Chartered has signed an agreement with New York regulators to settle their probe into alleged laundering of money with Iran
A British bank accused of scheming with the Iranian government to launder billions of dollars has signed an agreement with New York regulators to settle their investigation with a 340 million US dollars (£209 million) payment.
Standard Chartered Bank said it was pleased to reach the settlement and it continues working towards resolution with the Department of Justice, the Treasury and the Federal Reserve.
State Department of Financial Services Superintendent Benjamin Lawsky said the deal follows terms announced on August 14, including two years of special monitoring at the bank's New York branch and the assignment of personnel to oversee due diligence.
The agreement relates to 250 billion US dollars (£154 billion) in 59,000 US dollar transactions for Iranian banks, corporations and individuals from 2001 to 2007.
The US imposes sanctions on political enemies to hinder their access to the global financial system.