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Standard Chartered conducts $250 billion of transactions with Iranian clients

08-15-2012 10:29 BJT

The settlement ended a weeklong trans-Atlantic drama, forestalling what could’ve been an embarrassing public spectacle for bank representative due to testify at a hearing in the U.S. Wednesday to explain why the bank should be permitted to keep its license to do business in New York.

The hearing has now been adjourned. It all started when this man, Benjamin Lawsky – the superintendent for New York’s top banking regulator – accused Standard Chartered of illegally scheming to hide some 250 billion in financial transactions for Iranian clients—charges that Standard Chartered, quote, “strongly rejects.”

Lawsky said Standard Chartered ran a “rogue institution” from 2001 to 2010—scheming with the Iranian government to launder money through the investment bank’s New York branch. Standard Chartered said only about 14 million dollars’ worth of transactions violated U.S. sanctions.

In addition to paying a civil penalty of 340 million dollars, Standard Chartered also will install a supervisor chosen by Lawsky’s office to oversee the bank’s money-laundering controls.

Editor:James |Source:

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