Standard Chartered Bank announced Tuesday it has agreed to pay $1.1 billion and extend its U.S. deferred prosecution agreement two more years on charges that it conspired to violate U.S. sanctions by processing financial transactions through U.S. banks for the benefit of Iranian entities.

The U.S. Department of Justice said the global bank, headquartered in London, violated the International Emergency Economic Powers Act as well as New York state laws by processing $240 million worth of transactions for Iranians. The bank admitted the wrongdoing, including falsifying the records of New York financial institutions.

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