Standard Chartered close to Iran settlement with US

Emerging markets bank Standard Chartered bank hopes to settle all claims over Iran-linked transactions with US agencies by the end of the year.

Emerging markets bank Standard Chartered bank hopes to settle all claims over Iran-linked transactions with US agencies by the end of the year.

Reuters reports that the bank is close to agreeing a joint settlement with the Manhattan District Attorney, the US Treasury Department, the New York Federal Reserve and the Justice Department that will mirror a settlement made in August with New York's banking regulator.

That settlement cost the bank $340m and it is estimated that this settlement will be of the same magnitude.

The allegations were that it breached US sanctions and hid $250bn of financial transactions with Iran.

CM

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