[ by Howard Haykin ] It all happened so fast - which probably is a testiment to the persistence of NY Regulator Benjamin Lawsky and the take-charge attitude of Standard Chartered CEO Peter Sands.  Mr. Sands flew in to New York from London, where the bank is based;  he will attend a hearing set for Wednesday at which the London-based bank will have to demonstrate why its state banking license should not be revoked over the transactions. Terms of Settlement. The parties agreed on Tuesday to a deal in which Standard Chartered will pay $340 million to settle the New York banking regulator's charges that it tried to hide transactions with Iran. The bank also agreed to install a monitor for at least 2 years to evaluate the bank's money-laundering risk controls in its New York branch, the New York Department of Financial Services said. According to Benjamin Lawsky, NY Superintendent of Financial Services, "The Bank shall permanently install personnel within its New York branch to oversee and audit any offshore money-laundering due diligence and monitoring undertaken by the Bank," said. Meanwhile, this is the bank's first negotiations with a regulator, although it has been in talks with multiple law-enforcement officials, including New York's banking regulator, to resolve a probe into allegedly improper Iranian money transactions. [Reuters via CNBC, 8/14/12]