By editor
Originally published on Tue August 14, 2012 4:27 pm
Britain's fifth-largest bank has agreed to pay $340 million to settle charges by New York regulators that it laundered money for Iranian clients.
NPR's Chris Arnold filed this report for our Newscast unit:
"In court documents, the regulator alleged that for 10 years Standard Chartered Bank quote 'schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions... involving $250 billion dollars and reaping hundreds of millions of dollars in fees for the bank.'
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