Standard Chartered to pay $340 million for money laundering

Standard Chartered Bank has agreed to pay $340 million to resolve an investigation that it schemed with the Iranian government to launder $250 billion between 2001 and 2007. New York’s financial regulator said the bank will pay the civil penalty to the state and increase oversight of overseas transactions. The bank will install a monitor for two years to evaluate the money-laundering risk controls of its New York branch and permanently hire personnel to oversee and audit offshore money-laundering monitoring. The bank maintains that 99.9% of the some 60,000 questioned transactions complied with all regulations, and those that didn’t amount to $14 million.