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StanChart may pay $330m to settle US sanctions violation over Iran

Standard Chartered bank is negotiating with the US Federal regulators and is believed to pay $330m (£205m) to settle violation of US sanctions against Iran.

The four US regulators include the Federal Reserve Bank of New York, the Office of Foreign Assets Control, the District Attorney of New York’s Office and the Department of Justice.

"The group remains in active and constructive discussions with the other US agencies on the resolution of the group’s historical US sanctions compliance," the bank said in a statement.

The current settlement will be in addition to fine paid $340m (£217m) by the bank to New York’s Department of Financial Services (DFS) in the third quarter of 2012.

The US regulators claimed that the lender failed to comply with the US sanction against Iran and facilitated transactions worth $250bn for more than a decade.

Standard Chartered Bank was formed in 1969 through the merger of two standalone banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China.