Standard Chartered NY may be suspended over Iran deals

Was Standard Chartered Plc banking for the bad? In a rare move, the New York State Department of Financial Services threatened to strip the state banking license of the global financial institution for being a “rogue institution” that hid $250 billion in transactions tied to Iran — a violation of U.S. law. The top bank regulator said the British bank “schemed” with the Iranian government and hid from law-enforcement officials some 60,000 secret transactions to generate hundreds of millions of dollars in fees for over 7 years. In a statement, the bank claimed that 99.9% of its transactions with Iran complied with U.S. Treasury regulations and that the total value of transactions that weren’t in compliance was less than $14 million. The lender said it “strongly rejects the position and portrayal of facts” made by the state regulator.

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