Standard Chartered close to US settlement on Iran transfers

By REUTERS
November 2, 2012 02:58

WASHINGTON - Standard Chartered is close to wrapping up discussions to resolve US investigations into its Iran-linked transactions and nearing agreement on a fine in the $300-million range, mirroring a much-publicized state settlement over similar allegations, according to four people familiar with the matter.

The London-based bank agreed in August to pay New York's banking regulator $340 million after that authority filed a surprise order accusing the bank of hiding some $250 billion worth of transactions with Iran.

In bringing its case in August, the New York Department of Financial Services broke away from other authorities also investigating the transfers, including the Manhattan District Attorney, the US Treasury Department, the New York Federal Reserve and the Justice Department.

Standard Chartered has been in talks recently to resolve the remaining probes through a joint settlement, the sources said. Authorities have discussed additional fines similar to the previous settlement, but have not yet agreed on a specific number with the bank, these people said.


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