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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The allegations were that it breached US sanctions and hid $250bn of financial transactions with Iran.
CM
-
How taking a two-year career break could leave a £26k hole in your pensionCareer breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
-
Cash in on your attic: Thousands could be sitting dormant in your storageSelling your valuables at auction could be far more lucrative than you think. We take a look at how auctions work, and some tips to help you maximise your profits
