British banking giant Standard Chartered has agreed to fork over $340 million to settle an investigation by New York state regulators.
New York's Department of Financial Services announced the settlement, which includes an agreement that the bank's transactions with Iranian clients in question totaled at least $250 billion.
Under the settlement, Standard Chartered will install for at least two years a monitor to keep tabs on the bank's efforts to root out money laundering. The DFS will also install examiners at the bank.
The DFS, headed by Benjamin Lawsky, reportedly roiled federal regulators looking into Standard Chartered by filing an order against the bank last week.