Standard Chartered To Pay $340M To Settle Iranian Bank Funding Cover-Up Claims

Standard Chartered To Pay $340M To Settle Iranian Bank Funding Cover-Up Claims

NEW YORK - Standard Chartered Bank will pay $340 million to settle claims that it conspired with Iranian government-backed banks and covered up nearly 60,000 "secret transactions" totaling over $250 billion with the banks, which were subject to U.S. government sanctions, according to a statement issued on Aug. 14 by New York Department of Financial Services (DFS) Superintendent Benjamin M. Lawsky (In the Matter of Standard Chartered Bank, New York Branch, N.Y. D.F.S.).

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