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Standard Chartered Agrees to Settle Iran Money Transfer Claims

December 11, 2012 | New York Times

The British bank Standard Chartered reached a deal with federal and state prosecutors on Monday over accusations that it had illegally funneled money for Iranian banks and corporations. The 150-year-old bank will pay $327 million to settle claims by the Justice Department, the Manhattan district attorney’s office, the Federal Reserve Bank of New York and the Treasury Department. The settlement deals included a deferred prosecution agreement with the Justice Department, which accused the bank of “concealing” its ties to sanctioned countries like Iran and Sudan.