Standard Chartered Plc has agreed to pay $340 million to settle allegations by New York’s bank regulator that it hid transactions linked to Iran.
The announcement on Tuesday capped a week-long transatlantic dispute over the U.S. investigation of a British bank and a furor over why New York Superintendent of Financial Services Benjamin Lawsky had acted independently of U.S. federal agencies.
The resolution also came after London-based Standard Chartered’s chief executive, Peter Sands, flew to New York to take control of negotiations and less than 24 hours before the bank was scheduled to defend itself at a high-stakes hearing.
Lloyds Banking Group and Credit Suisse Group have previously agreed to pay settlements of $350 million and $536 million, respectively. ING Bank NV also paid a settlement. HSBC Holdings Plc currently is under investigation by U.S. law enforcement, according to bank regulatory filings.