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August 15, 2012

Standard Chartered Bank to Pay $340 Million to Settle Claims of Hiding Iran Transactions 
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The British bank Standard Chartered has agreed to pay a $340 million
fine to New York's financial regulator to settle allegations of hiding
hundreds of billions of dollars in transactions linked to Iran. New
York’s Department of Financial Services says Standard Chartered Bank
"schemed" with Iran’s government despite U.S. economic sanctions to
hide tens of thousands of transactions over nearly a decade, generating
hundreds of millions of dollars in fees. The bank is in talks to pay
similar fines in other states.

 

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