Standard Chartered to pay $340m Iran ‘fine’

Standard Chartered has agreed to pay $340m (€276m) to settle allegations that it hid transactions with Iran from regulators, the New York Department of Financial Services said last night.

In addition to the civil penalty, the bank agreed to install a monitor for at least two years to evaluate the bank’s money-laundering risk controls in its New York branch, the department said in a statement.

The department also said it had adjourned a hearing set for today at which it had called on Standard Chartered to demonstrate why its New York state banking licence should not be revoked.