Standard Chartered Ends New York's Iran Probe for $340 Million

Tuesday, 14 Aug 2012 02:09 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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 Tuesday.

Standard Chartered Bank said it "strongly rejects" and "contests" the New York regulators' portrayal of its transactions with Iranian banks.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved