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Standard Chartered to pay $340m over Iran probe

08-15-2012 04:49 BJT

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The New York Department of Financial Services says Britain’s Standard Chartered Bank has agreed to pay 340 million US dollars to settle allegations that it hid transactions with Iran from regulators.

In a statement it said in addition to the civil penalty, the bank has also agreed to install a monitor for at least two years to evaluate the bank’s money-laundering risk controls at its New York branch. It also said it had adjourned a hearing set for Wednesday at which it had called on Standard Chartered to demonstrate why its New York state banking license should not be

The bank has not yet responded to the comments. New York Financial Services Superintendent Benjamin Lawsky made the allegations against Standard Chartered on August 6th, saying it was a "rogue institution" for breaking U.S. sanctions.

 

Editor:Zheng Limin |Source: CCTV.com

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