Standard Chartered
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Standard Chartered agrees settlement with New York regulator

14 August 2012 Last updated at 22:59 BST

Standard Chartered has agreed a $340m (£217m) settlement with New York regulators after accusations that it hid $250bn worth of transactions with Iran.

The bank had admitted that some of its transactions did break US sanctions, but said that the amount totalled just $14m.

A short statement from Standard Chartered simply confirmed a settlement of $340m had been reached.

Michelle Fleury reports