Tensions are flaring over the New York Department of FinancialServices' pursuit of Standard Chartered for breaking sanctions tohandle transactions for its Iranian customers, the Wall StreetJournal reports. Standard Chartered settled with the regulatorfor $340 million on Tuesday.

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But officials at the U.K. Financial Services Authority arerankled by the fact that they were notified of the allegations only90 minutes before they were announced last week, and other U.S.regulators remain frustrated that the New York regulator proceededwith the case without regard for other investigations. TypicallyU.S. regulators notify U.K. regulators a few weeks before theyannounce a probe of a British bank.

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