British bank Standard Chartered has reached a settlement with financial regulators in New York, who had accused it of hiding billions of dollars worth of illegal transactions with Iran.
The bank will pay a penalty of $US340 million to the New York State Department of Financial Services, the BBC reports.
Under the terms of the settlement the department will also install a monitor for at least two years who will evaluate money-laundering controls at the bank's New York branch.
Last week, the department alleged that the US unit of the bank had illegally hidden 60,000 transactions with Iran, worth $US250 billion, over nearly a decade.
It accused the London-based bank of being a rogue institution for breaking US sanctions against Iran.
The bank had admitted that some of its transactions did break US sanctions, but said that the amount totalled just $US14 million.