Standard Chartered PLC on Tuesday agreed to pay New York's top banking regulator 340 million dollars to settle a week-long regulatory case with charges that the British bank had laundered hundreds of billions of dollars for Iran.

"The New York State Department of Financial Services (DFS) and Standard Chartered Bank have reached an agreement to settle the matters raised in the DFS Order dated Aug. 6, 2012. The parties have agreed that the conduct at issue involved transactions of at least 250 billion dollars," Benjamin M. Lawsky, head of the DFS, said in a statement.