Standard Chartered Plc has agreed to pay $340 million to settle allegations that it hid transactions with Iran from regulators, the New York Department of Financial Services said on Tuesday. In addition to the civil penalty, the bank agreed to install a monitor for at least two years to evaluate the bank's money-laundering risk controls in its New York branch, the department said in a statement. [Reuters]
Standard Chartered Chairman Misspoke When He Called Iranian Money-Laundering Business A 'Clerical Error'
Apparently, when you've accepted responsibility for laundering money for rogue states—and entered into a deferred-prosecution agreement—you can't turn around and refer to said money-laundering as NBD. Duly noted.