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Crazy Details About The Bank That’s Been Accused Of Transferring $250 Billion To Iran

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Eric Platt and Linette Lopez
Business Insider
Aug 7, 2012

U.K. investment bank Standard Chartered could be suspended from operating in New York after state finance regulators found hundreds of billions of dollars worth of transactions with Iran.

“Motivated by greed, SCB acted for at least ten years without any regard for the legal, reputational, and national security consequences of its flagrantly deceptive actions,” the New York Department of Financial Services says.

The state regulator alleges the bank colluded on tens of thousands of transactions totaling more than $250 billion, earning Standard Chartered millions in fees.

U.S. regulations prevent financial institutions from making payments to clients before they have determined that they do not originate in a country under sanction, which currently includes Iran, North Korea, and Sudan.

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This article was posted: Tuesday, August 7, 2012 at 3:18 am

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