London (CNN) -- Standard Chartered, a British banking giant, has paid $340 million to settle allegations it was involved in money laundering for Iranian clients. The settlement was reached with the New York State Department of Financial Services Tuesday, before a hearing due Wednesday. The hearing has now been adjourned. Standard Chartered -- which faced the loss of its U.S. banking license alongside fines for alleged breaches -- had pre-tax earnings of $6.76 billion in 2011, and the fine is "easily manageable," according to a note by analyst Michael Symonds of Daiwa Capital Markets. Banks: Too big to prosecute? "Reaching an early settlement means that StanChart avoids the potentially awkward hearing with the NYDFS.... and, critically, eliminates the immediate risk that the bank could lose its New York banking licence," Symonds said.
@highlight
Standard Chartered pays $340M to settle allegations of money laundering for Iran
@highlight
U.S. regulators accused the London-based group of concealing 60,000 transactions with Iran
@highlight
Standard Chartered is accused of helping Iran avoid sanctions by concealing $250B of transactions
@highlight
The group refuted the charges, saying 99.9% of transactions complied with regulations
@placeholder has argued that its goal is to produce energy and medical isotopes, but U.S. officials say the Iranians are developing weapons.