Published: August 14, 2012
Standard Chartered, the British bank, has agreed to pay New York’s top banking regulator $340 million to settle claims that it laundered hundreds of billions of dollars in tainted money for Iran and lied to regulators.
Shawn Thew/European Pressphoto Agency
Peter Sands, the chief executive of Standard Chartered, flew to New York to negotiate over the weekend with state regulators.
Related in Opinion
Editorial: A Question of Improper Money Flows(August 14, 2012)
The agreement is a victory for Benjamin M. Lawsky and his 10-month old agency, the New York Department of Financial Services, which took on the bank alone in charging that it schemed for nearly a decade with Iran to hide from regulators 60,000 transactions worth $250 billion.
Published: August 14, 2012
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Standard Chartered, the British bank, has agreed to pay New York’s top banking regulator $340 million to settle claims that it laundered hundreds of billions of dollars in tainted money for Iran and lied to regulators.
Shawn Thew/European Pressphoto Agency
Peter Sands, the chief executive of Standard Chartered, flew to New York to negotiate over the weekend with state regulators.
Related in Opinion
Editorial: A Question of Improper Money Flows (August 14, 2012)
The agreement is a victory for Benjamin M. Lawsky and his 10-month old agency, the New York Department of Financial Services, which took on the bank alone in charging that it schemed for nearly a decade with Iran to hide from regulators 60,000 transactions worth $250 billion.