Reuters: Regulatory News: Standard Chartered, regulators in settlement talks -sources

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Standard Chartered, regulators in settlement talks -sources Aug 10th 2012, 21:32 Fri Aug 10, 2012 5:32pm EDT Aug 10 (Reuters) - Standard Chartered is in talks with multiple law-enforcement officials, including New York's banking regulator, to resolve a probe into improper Iranian money transactions by the British bank, according to people familiar with the situation. The settlement negotiations are expected to last through the weekend and could result in a resolution by next week, these people said. The negotiations are at a delicate stage and could collapse, these people said. The negotiations come after a rancorous week that began when Benjamin Lawsky, superintendent of the New York Department of Financial Services, alleged in an order on Monday that the bank transacted thousands of illegal transactions tied to Iran and that Standard Chartered had covered up its actions using incomplete or false records. Lawsky demanded that Standard Chartered officials appear at his office Wednesday to explain why the bank should be allowed to keep doing business in New York, a global hub for the processing of dollars. The hearing remained on the calendar as of Friday afternoon.

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