£416m charge for Standard Chartered

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Standard CharteredScandal-hit Standard Chartered has warned it expects to pay a total of 670 million US dollars (£416 million) to settle allegations that it breached sanctions with Iran.

The bank was accused by regulators in August of exposing the United States to terrorists and drug kingpins by hiding 250 billion US dollars (£160 billion) of transactions with Tehran.

In a trading update, Standard said it expects to pay another 330 million US dollars (£205 million) on top of the 340 million US dollars (£211 million) paid to New York's Department of Financial Services to settle the claims.

The 160-year-old lender said the charge will push pre-tax profit growth down to a "mid-single digit rate" rather than in the double-digit range.

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