Standard Chartered close to US settlement on Iran transactions
Published on Nov 2, 2012 8:27 AM
WASHINGTON (Reuters) - Standard Chartered is close to wrapping up discussions to resolve US investigations into its Iran-linked transactions.
It is also nearing agreement on a fine in the US$300-million (S$366 million) range, mirroring a much-publicised state settlement over similar allegations, according to four people familiar with the matter.
The London-based bank agreed in August to pay New York's banking regulator US$340 million after that authority filed a surprise order accusing the bank of hiding some US$250 billion worth of transactions with Iran.
In bringing its case in August, the New York Department of Financial Services broke away from other authorities also investigating the transfers, including the Manhattan District Attorney, the US Treasury Department, the New York Federal Reserve and the Justice Department.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!