Standard Chartered, the British bank under investigation in an Iranian money-laundering probe, expects its bill to U.S. authorities in the case to nearly double.
The London-based bank announced Thursday it was nearing a $330-million settlement with U.S. authorities, bringing its tab to roughly $670 million.
Earlier this year, Standard Chartered agreed to pay $340 million to New York's banking regulator, the Department of Financial Services, to settle similar charges that it helped conceal transactions with entities in Iran.
U.S. law tightly restricts transactions with countries such as Iran, Sudan and North Korea to prevent funding of hostile regimes or terrorism.
Standard Chartered isn't the only British bank to run afoul of U.S. sanctions. Earlier this year HSBC said it had set aside $700 million to settle long-running probes into money-laundering.