Standard Chartered agrees $340m settlement with US regulator

Standard Chartered has agreed to pay a $340m (£217m) fine to US regulators after it was accused of trying to hide up to $250bn of transactions with Iran.

Although the bank's chief executive, Peter Sands, refuted the claims and said only $14m of transactions broke US sanctions, the settlement was agreed after ongoing negotiations with the regulator. Wednesday's hearing has now been adjourned, according to the BBC. A statement from the regulator said: "The New York State Department of Financial Services (DFS) and Standard Chartered Bank have reached an agreement to settle the matter raised in the DFS order dated 6 August 2012. "The parties have agreed that the conduct at issue involved transactions of at least $250bn." However, Standa...