Standard Chartered Plc settled a New York money laundering probe for $340 million a day before the bank was to appear at a hearing to defend its right to continue operating in the state, Bloomberg News reported yesterday. Standard Chartered still faces federal probes over allegations it helped Iran funnel money through the U.S. Regulators including the U.S. Treasury, the Federal Reserve Bank, the Justice Department and the Manhattan District Attorney declined attempts at a global settlement. Coordination among regulators for a universal accord was already in the works before New York's deal with the bank was made unilaterally. The accord does not take into account all of the bank's alleged sanction violations, including those involving Sudan.
