Standard Chartered reaches settlement with US regulator

The global banking group, Standard Chartered, has reached a $340m settlement with New York's bank regulator over transactions linked to Iran.

The bank had been accused of laundering as much as $250bn and threatened that its US banking license may be revoked.

Foo Boon Ping, managing editor at The Asian Banker, told the BBC's Asia Business Report that it amounts to an admission of guilt.