British Bank Settles After Hiding Iranian Transactions

Aug 14, 2012
Originally published on August 14, 2012 6:04 pm

The British bank accused of using its New York branch to launder money from international transaction has agreed to pay New York's top banking regulator $340 million. Regulators said the bank schemed to hide more than 60,000 financial transactions totaling $250 billion for Iranian clients. The bank denied the charges. Audie Cornish talks with Jim Zarroli.