British Bank Settles Iran Sanctions Claims

Financial regulators in the U.S. state of New York have reached a settlement with Standard Chartered Bank over allegations the British bank violated U.S. sanctions against Iran and U.S. money laundering laws.

Standard Chartered will pay a $340-million fine.

Last week, U.S. regulators charged Standard with hiding $250 billion in transactions with Iranian banks between 2001 and 2007, describing the British bank as a "rogue institution."  

Washington has slapped sanctions on Iran over Tehran's controversial nuclear program.