British Bank Settles Iran Money Laundering Case for $340 Million -BYLN- Associated Press

Daily Herald (Arlington Heights, IL), August 15, 2012 | Go to article overview

British Bank Settles Iran Money Laundering Case for $340 Million -BYLN- Associated Press


ALBANY, N.Y. -- The state's financial regulator said Tuesday his agency has 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, state Department of Financial Services Superintendent Benjamin Lawsky said.

Standard Chartered spokeswoman Julie Gibson noted the New York announcement set out the terms of an agreement, including payment of $340 million, and a formal agreement with details is expected shortly.

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

A department hearing on the issue scheduled for Wednesday in New York City has been adjourned. The date for the civil payment, which will go to the state's general fund, has not been set.

Federal Reserve spokeswoman Barbara Hagenbaugh said the Fed "continues to work with the other agencies on a comprehensive resolution."

The U.S. imposes financial sanctions on political enemies to hinder their access to the global financial system. The goal is to choke off banks and other sources of capital, limiting their economic growth and their ability to buy weapons, food and other items available through global trade. Sanctions ensure that U.S. banks don't get involved.

Several other non-U.S. banks with operations in the United States have settled sanctions cases with U.S. authorities in recent years. Dutch bank ING Bank NV agreed in June to pay $619 million to settle charges that it secretly moved billions of dollars through the U. …

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