Standard Chartered to Pay $340 Million Fine Over Eluding Iran Sanctions

Admitted to at least $250 billion in transactions

Standard Chartered has agreed to pay a fine of $340 million to the New York Department of Financial Services after superintendent Benjamin M. Lawsky charged the bank with hiding more than 60,000 financial transactions amounting to more than $250 billion for Iranian state-owned banks, including its central bank and other clients.

The bank also has "agreed that the conduct at issue involved transactions of at least $250 billion," a statement from the regulator says. Last week, the New York regulator threatened to tear up the bank's state license.