Money | Standard Chartered Bank British Bank Settles Laundering Case for $340M Standard Chartered was accused of scheming with Iranian government By Newser Editors and Wire Services Posted Aug 14, 2012 2:15 PM CDT Copied In this Aug. 7 file photo, a man walks past the headquarters of Standard Chartered bank in London. (AP Photo/Sang Tan, File) New York's financial regulator said his agency has reached a $340 million settlement with Standard Chartered Bank to resolve an investigation into whether the British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007. The bank will pay the civil penalty to the state and strengthen oversight of overseas transactions. Standard Charter will install a monitor for at least two years who will evaluate the money-laundering risk controls of its New York branch and take corrective measures, the department said. The bank conspired with its Iranian clients to route nearly 60,000 different US dollar payments through Standard Chartered's New York branch "after first stripping information from wire transfer messages used to identify sanctioned countries, individuals and entities," according to agency's order. In a statement released last night, Standard Chartered Bank said it "strongly rejects" and "contests" the New York regulators' portrayal of its transactions with Iranian banks. (The New York move angered federal authorities.) Read These Next White House rolls with Trump's 'daddy' nickname. New Fox star, 23, misses first day after car troubles. Supreme Court ruling is a big blow to Planned Parenthood. Man accused of killing his daughters might be dead. Report an error