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Standard Chartered settlement

British bank Standard Chartered has reached a $340m settlement with the New York bank regulator. The settlement follow allegations the bank hid $250bn of transactions with the Iranian government, breaking US sanctions. The bank rejects the claims.

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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.

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