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Thu December 6, 2012
British Bank To Settle With U.S. Regulators
DAVID GREENE, HOST:
We begin NPR's business news with possible bank settlements.
(SOUNDBITE OF MUSIC)
GREENE: One of Britain's largest banks, Standard Chartered, says it expects to pay around $330 million to the United States. This would settle a case with regulators here who accused the bank of failing to comply with sanctions against Iran. Standard Chartered has already paid out $340 million to the state of New York on the same claims.
The head of the New York Department of Financial Services accused the bank of helping Iran launder money. At the same time, there are reports that European bank HSBC could end up paying a fine of nearly $2 billion to settle U.S. charges of laundering money for countries including Iran and Sudan. Transcript provided by NPR, Copyright NPR.