Standard Chartered agrees settlement with New York regulator

[dipsydoodle]

Source: BBC News

Standard Chartered has agreed a $340m settlement with New York regulators that accused it of hiding $250bn (£161bn) of transactions with Iran.

The hearing that had been scheduled for Wednesday has now been adjourned.

The bank's chief executive Peter Sands has been in New York negotiating with the regulators.

The bank had admitted that some of its transactions did break US sanctions, but said that the amount totalled just $14m.

Read more: http://www.bbc.co.uk/news/business-19253666

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Standard Chartered, New York regulator reach $340 million settlement.

(Reuters) - Standard Chartered Plc (STAN.L) has agreed to pay $340 million to settle allegations that it hid transactions with Iran from regulators, the New York Department of Financial Services said on Tuesday.

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.

http://uk.reuters.com/article/2012/08/14/uk-standardchartered-probe-settlement-idUKBRE87D0T920120814

[FarCenter]

1. Iran finds ways to sidestep sanctions

High oil prices and complicated financial schemes have helped the Iranian regime survive damaging sanctions, analysts and officials have said, even as oil production has plummeted and inflation has soared.
...

High oil prices help, too. As long as oil stays at about $100 a barrel, Iranian observers and western diplomats in Tehran say, then Iran should be able to continue defying international calls for a halt to its nuclear programme.

http://www.ft.com/intl/cms/s/0/60bcb7b6-e470-11e1-affe-00144feab49a.html