One day before a scheduled hearing that could have revoked its license to operate in New York, Standard Chartered Bank reached an agreement with a New York state regulator that accused it of willfully bypassing sanctions against the Iranian Government.
On Tuesday, the bank agreed to a settlement with the New York’s Department of Financial Services (DFS) and will pay a $340 million civil penalty. The bank also agreed to install a monitor, chosen by DFS, to evaluate money-laundering risk controls for a period of at least two years. DFS examiners will also be placed on site at the New York unit of the international bank, which is headquartered in the U.K. Standard Chartered also agreed to permanently install its own personnel to oversee and audit offshore money-laundering due diligence and monitoring.
