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Standard Chartered seek settlement

Standard Chartered seek settlement

Category: Banking

Updated: 14/12/2012
First Published: 13/08/2012

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Standard Chartered has said it is keen to reach a settlement with US regulators to resolve allegations that it breached US sanctions by allegedly hiding transactions with Iran .

The UK-based bank has pledged it will agree with New York's Department of Financial Services' (DFS) wish to acquire an external monitor to ensure it meets US compliance and is willing to pay a fine.

Complying with the DFS could also reduce the chance of Standard Chartered losing its banking licence in New York, although this will depend on a fine being agreed amongst US regulators.

According to reports, DFS is pushing for a settlement of around $500 million, although this is vastly different to the $14 million which Standard Chartered claims it is liable for.

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