Standard Chartered Bank has finalized a $340 million settlement with New York's top banking regulator to settle charges the bank laundered hundreds of billions of dollars for banks and others in Iran.
U.S. law prohibits banks from providing services to Iran as a result of the country's support for terrorism and pursuit of weapons of mass destruction.
In addition to paying the civil penalty, Standard Chartered has agreed to install an independent monitor to evaluate controls governing cash transactions at its New York branch and to hire personnel to audit its compliance with money-laundering regulations.