Tensions are flaring over the New York Department of Financial Services' pursuit of Standard Chartered for breaking sanctions to handle transactions for its Iranian customers, the Wall Street Journal reports. Standard Chartered settled with the regulator for $340 million on Tuesday.
But officials at the U.K. Financial Services Authority are rankled by the fact that they were notified of the allegations only 90 minutes before they were announced last week, and other U.S. regulators remain frustrated that the New York regulator proceeded with the case without regard for other investigations. Typically U.S. regulators notify U.K. regulators a few weeks before they announce a probe of a British bank.
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