News Summary: NY regulator says bank settles probe

AP News
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Posted: Aug 14, 2012 4:06 PM
News Summary: NY regulator says bank settles probe

SHOW ME THE MONEY: Standard Chartered Bank has agreed to pay $340 million to resolve an investigation into whether the British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007, according to New York's financial regulator.

CASH PATROL: Standard Charter will install a monitor for at least two years who will evaluate the money-laundering risk controls of its New York branch and take corrective measures.

YOUT GOT US ALL WRONG: The bank had no immediate comment Tuesday but said late Monday that it "strongly rejects" the New York regulators' portrayal of its transactions with Iranian banks.