Standard Chartered Plc | featured news

Standard Chartered expects to pay $330 million to settle a case with U.S. regulators who accused the Asia-focused bank of failing to comply with sanctions against Iran,further denting profit growth this year.

New York’s top banking regulator had charged the British bank with laundering $250 billion in tainted money for Iranian clients.

Standard Chartered is in talks with multiple law-enforcement officials, including New York's banking regulator, to resolve a probe into improper Iranian money transactions by the British bank, according to people familiar with the situation.

Standard Chartered won some help from Britain's central bank governor on Wednesday in its fightback against the New York banking regulator's allegations that it had hidden $250 billion of transactions with Iran.

New York's top bank regulator threatened to strip Standard Chartered Plc of its state banking license, saying the British bank was a "rogue institution" that hid $250 billion in transactions tied to Iran, in violation of U.S. law.