Standard Chartered has settled with the New York State Department of Financial Services - or DFS - following the regulator's charges that it hid at least a quarter of a trillion US dollars' worth of transactions linked to US-sanctioned Iran.

The UK-listed bank, Standard Chartered will pay a civil penalty of $340m to the DFS, while also agreeing to take a number of radical steps to monitor its New York subsidiary.

Standard Chartered will not only have to install a money-laundering risk controls monitor team, for a term of at least two years and who will report directly to DFS but it will also have to place DFS examiners on site permanently install personnel within its New York branch to oversee and audit any offshore money-laundering due diligence and monitoring undertaken by the Bank.

Despite the settlement with the DFS, Standard Chartered faces possible future charges with other U.S. authorities including the Treasury, the Federal Reserve, the Justice Department, and New York prosecutors, such as the Manhattan District Attorney that are all conducting a two-year probe.

Written and Presented by Lianna Brinded.