Standard Chartered has reached a settlement with the New York Department of Financial Services (DFS) over claims its US subsidiary illegally processed payments for Iran.
According to reports the emerging market focused bank will pay $340m to settle the claims, and will allow the New York DFS to oversee its compliance activities for at least two years.
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It admits there were breaches but maintains they amounted to $14m across 300 transactions.
Standard Chartered officials had been due to appear at an official hearing in front of the Department of Financial Services on Wednesday, but this has now been adjourned.
Benjamin Lawsky, the head of the New York regulator, had ordered the management to explain why the bank shouldn't lose its licence. He has accused Standard of being a "rogue institution" for breaking US sanctions against Iran.
The latest allegations follow hefty fines being levied against Barclays and HSBC by US regulators, for interest rate fixing and facilitating money laundering, respectively.
Standard Chartered is already in discussion with the US Justice Department over a separate matter concerning violation of sanctions laws.
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