Standard Chartered is close to agreeing a final settlement with US regulators over allegations that it breached anti-money laundering sanctions against Iran.

8:57PM GMT 02 Nov 2012

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9652491/Standard-Chartered-close-to-US-settlement-over-Iran-money-laundering-allegations.html

The UK bank is negotiating with the US Treasury, the Department of Justice, the Federal Reserve and the Manhattan District Attorney that would see it pay a roughly $300m (£187m) fine, according to reports.

The bank has already agreed a $340m settlement with the New York Department of Financial Services, a regulator that accused the bank of trying to conceal $250bn-worth of illegal transactions with Iran.

Standard Chartered said the regulator had vastly overstated the amount of transactions that violated America’s tough anti-money laundering rules. The bank will be hoping to draw a line under a scandal that in August caused its share price to plunge.

Ben Lawsky, the head of the New York Department of Financial Services, angered other US regulators by agreeing a separate settlement with Standard Chartered.