Standard Chartered has agreed to pay New York's top banking regulator $340m, averting a public showdown and ending a week long, transatlantic regulatory drama.

After a harried week of debate, the UK's fifth-largest bank by assets reached a settlement with New York's Department of Financial Services. The agreement came eight days after Benjamin Lawsky, the superintendent of the New York regulator, accused the bank of illegally scheming over a decade to hide more than 60,000 financial transactions totaling $250bn for Iranian clients.