New York’s top banking regulator reached a settlement on Tuesday with Standard Chartered over charges that the British bank laundered hundreds of billions of dollars in tainted money with Iran and deliberately lied to regulators.
The bank agreed to pay $340 million to the Department of Financial Services, which is led by Benjamin M. Lawsky. “The parties have agreed that the conduct at issue involved transactions of at least $250 billion,” Mr. Lawsky said in a statement.
Tuesday’s cease-fire between the state regulator and Standard Chartered marks a big win for the department, which was formed last year.
As part of the settlement, the bank will install a monitor for at least two years to vet the bank’s money laundering controls. In addition, the bank agreed to put in permanent officials who will audit the bank’s internal procedures to prevent offshore money laundering. Read more >>
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