US settles suit alleging bank money laundering

(AP) Standard Chartered Bank has agreed to pay $327 million to settle federal and New York charges it laundered money on behalf of four countries that were subject to U.S. economic sanctions from 2001 through 2007.

Federal authorities say Monday the forfeiture is part of a deferred prosecution agreement with both the Justice Department and Manhattan district attorney. The deal covers currency transactions made at the bank's New York branch for Iranian, Sudanese, Libyan and Burmese entities and attempting to conceal them from regulators.

The London-based bank also has settled with the Treasury Department and the Federal Reserve.

Standard Chartered says the review found about $133 million processed for the four countries through its New York branch, which handled $139 trillion overall during those years.

The bank says it has upgraded compliance procedures.