Sunday, July 13, 2014

NY regulator says bank settles Iran money probe

February 16. 2013 4:19PM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) Standard Chartered Bank confirms that it has reached a $340 million settlement with New York regulators to resolve an investigation into whether the British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007.

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

Standard Chartered spokeswoman Julie Gibson says a formal agreement with details is expected shortly, and the bank "continues to engage constructively with the other relevant U.S. authorities."

Lawsky says Standard Charter will install a monitor for at least two years who will evaluate the money-laundering risk controls of its New York branch.

State agency examiners also will be placed at the bank.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds