Standard Chartered settles with a US$340 million fine from the US regulators for failing to prevent sanction breaking money transfers, mainly from Iran.

There was a possibility that the bank's licence to operate in the US, certainly in New York, was at risk, so a prompt settlement was certainly in their favour, the bank's share price having been hit substantially when the allegations first came to light. 

There is a growing feeling that American banking regulators are targeting foreign banks, rather than their own, that could cause political waves and potentially lead to job cuts in the US, while at the same time causing loss of confidence in foreign banks, many of whom operate out of London, the global leader in financial trading.