Standard Chartered rejects portrayal of its Iranian transactions
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 reaches $340 million settlement
British bank Standard Chartered has reached a settlement with the New York regulator after claims it hid $250bn of transactions with Iran.
Cheap at half the price? Standard Chartered pays up
Why Standard Chartered has agreed to pay New York authorities a civil penalty of $340 million.