British Bank to Pay N.Y. $340M over Iran Trading; No Laundering of Money, It Says

The Washington Times (Washington, DC), August 15, 2012 | Go to article overview

British Bank to Pay N.Y. $340M over Iran Trading; No Laundering of Money, It Says


Byline: Michael Virtanen, ASSOCIATED PRESS

ALBANY, N.Y. -- New York's financial regulator on Tuesday reached a $340 million settlement with Standard Chartered Bank to resolve an investigation into whether the British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007.

The bank will pay the civil penalty to the state and will strengthen oversight of overseas transactions, New York Superintendent of Financial Services Benjamin M. Lawsky said.

Standard Chartered spokeswoman Julie Gibson noted that the New York announcement set out the terms of an agreement, including payment of $340 million, and that a formal agreement with details is expected shortly. The group continues to engage constructively with the other relevant U.S. authorities, she said.

Standard Charter will install a monitor for at least two years who will evaluate the money-laundering risk controls of its New York branch and take corrective measures, Mr. Lawsky said. It also will permanently install personnel to oversee and audit offshore money-laundering monitoring, the agency said. State agency examiners also will be placed at the bank.

We will continue to work with our federal and state partners on this matter, Mr. Lawsky said. A department hearing on the issue scheduled for Wednesday in New York City has been adjourned. He said the parties agreed that the conduct at issue involved transactions of at least $250 billion.

New York Gov. Andrew Cuomo said the result showed the effectiveness of the state's recently formed Department of Financial Services, which combined banking and insurance regulation in one agency. …

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