Entries in New York State Department of Financial Services (1)


British Bank Accused of 'Scheming' with Iran

Matthew Lloyd/Bloomberg via Getty Images(NEW YORK) -- First it was HSBC, now British based Standard Chartered Bank (SCB) is being accused of ignoring sanctions and helping Iranian corporations and banks illegally move money. Monday’s accusations come from the New York State Department of Financial Services.
"For almost ten years, SCB schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250 billion, and reaping SCB hundreds of millions of dollars in fees," the financial regulation agency charged Monday in a release. "SCB’s actions left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes, and deprived law enforcement investigators of crucial information used to track all manner of criminal activity."

SCB denied the allegations later Monday, saying that, "well over 99.9 percent of the transactions relating to Iran complied with the U-turn regulations," The New York Times reports.
The bank has been asked to explain its actions to the agency on Aug.15.  Depending on the final outcome of the investigation, the bank could lose its license to operate in New York.
This is the latest revelation in a growing list of misdeeds by major global financial institutions.  Just weeks ago, a Senate panel accused HSBC of helping terrorists and drug cartels move money.

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