Standard Chartered Bank ‘In $250 Billion Scheme With Iran’
By RFE RL
(RFE/RL) — Standard Chartered Bank has been accused by New York state regulators of hiding $250 billion in allegedly illegal transactions with Iran over nearly 10 years.
The London-based global bank was threatened with possible suspension of its license to operate in New York, the hub of the U.S. financial industry, if it could not explain the transactions that allegedly violate U.S. sanctions on Iran.
The regulator said that its nine-month probe, which involved looking through more than 30,000 pages of documents, including internal Standard Chartered Bank e-mails, showed that the bank reaped “hundreds of millions of dollars in fees.”
