STANDARD CHARTERED SETTLES LAUNDERING CHARGES FOR RECORD $340 MILLION

New York’s banking regulator has agreed to allow British bank Standard Charter to pay $340 million to settle charges that it laundered hundreds of BILLIONS of dollars in tainted money with Iran and deliberately lied to regulators. As part of the settlement the bank will install a monitor for at least two years to vet the banks money laundering controls. The agreement will enable to bank to avoid having its license to operate revoked in New York. The bank regulator said it had also discovered evidence that Standard Chartered operated similar schemes to do business with other nations including Myanmar, Libya and Sudan.