Big Banks

Standard Chartered Settles Iran Probe

Standard Chartered has reached a $340 million settlement with New York’s financial regulator to resolve a probe into whether or not the bank worked with Iran to launder $250 billion between 2001 and 2007. As part of the settlement, the bank must pay the civil penalty and improve oversight of overseas transactions. The bank is also installing a monitor to evaluate money-laundering risk controls for at least two years. Standard Chartered said in a statement on Monday that it “strongly rejects” and “contests” the report on its dealings with Iranian banks and that “well over 99.9 percent” of the transactions were within regulations.