British bank Standard Chartered has reached a settlement with the New York regulator after claims it hid $250bn of transactions with Iran.
Why Standard Chartered has agreed to pay New York authorities a civil penalty of $340 million.
After accusations of money laundering on behalf of the Iranian regime, Standard Chartered's chief has said "sorry".
Liverpool's shirt sponsors have backed the club over their handling of the Luis Suarez biting affair:
– Standard Chartered
LFC have clearly stated that this is unacceptable behaviour and Luis Suarez has apologised for the incident.
We feel the club has dealt with this issue appropriately and swiftly.
British bank Standard Chartered has agreed to pay $327 million to settle fines over sanctions allegations.
It was alleged that the bank violated US sanctions and other laws, the Federal Reserve has said.
Standard Chartered will make changes to its board of directors after the bank this week agreed a settlement with regulators over allegations that it hid transactions with the Iranian government.
The boardroom overhaul is expected to affect non-executive directors, many of whom were appointed before the start of the financial crisis in 2008.
But the bank denied the move is in response to investor discontent over claims by the New York State Department of Financial Services (DFS) that through its dealings with Iranian state-owned banks Standard had exposed the United States to terrorists, drug kingpins and weapons dealers.
The 160-year-old bank this week agreed a settlement of 340 million dollars (£217 million) over the Iran allegations.
Standard Chartered shares continued to recover in mid-morning London trading today following the bank's settlement agreement with New York regulators.
Shortly after 10am, the scandal-hit bank's shares were trading 3.94% higher at 1,424.00 as investors reacted to the $340 million settlement.
The British bank saw £6 billion wiped from its value in the immediate aftermath of the allegations that it hid transactions with the Iranian government.
– Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers
The quick and decisive action which Standard has shown in settling this initial claim, which itself is lower than anticipated, has resulted in a further spike to the share price in early trade.
The market will remain cautious until the extent of any further regulatory sanction is known, but in the meantime Standard appears to have taken its rap on the knuckles and is preparing to move on.
Standard Chartered shares opened 5.15% higher in London trading this morning after yesterday's announcement of its settlement with New York regulators.
The British bank has agreed a $340 million settlement over allegations it hid $250 billion of transactions with the Iranian government.
However, shortly after opening the bank's shares slipped slightly to 1,412.50 - up 3.07% from yesterday's market close.
New York Financial Services Superintendent Benjamin Lawsky made the allegations against Standard Chartered on August 6, saying it was a "rogue institution" for breaking US sanctions for hiding transactions with Iran.
Today's announcement comes after Standard Chartered's Chief Executive Peter Sands, who strongly denied the allegations last week, flew to New York to take personal control of the bank's attempts to reach a settlement.
In a statement released last night, Standard Chartered Bank said it "strongly rejects" and "contests" the New York regulators' portrayal of its transactions with Iranian banks.
Standard Chartered Plc has agreed to pay $340 million to settle allegations that it hid transactions with Iran from regulators, the New York Department of Financial Services has announced.
In addition to the civil penalty, the bank agreed to install a monitor for at least two years to evaluate the bank's money-laundering risk controls in its New York branch, the department said in a statement.
The department also said it had adjourned a hearing set for Wednesday at which it had called on Standard Chartered to demonstrate why its New York state banking license should not be revoked.
"The parties have agreed that the conduct at issue involved transactions of at least $250 billion," the department said in a statement.
The New York bank regulator has reached a $340 million settlement with British bank Standard Chartered.
Standard Chartered has agreed to install a monitor for money laundering controls for at least the next two years.