Regulators Say Standard Chartered Flouted Iran Sanctions

Law360, New York (August 6, 2012, 1:51 PM EDT) -- New York state banking regulators on Monday called Standard Chartered PLC a “rogue institution” and threatened to revoke its New York branch's license over allegations that it helped Iranian government-backed banks transfer over $250 billion in violation of U.S. sanctions.

According to a notice sent by the New York Department of Financial Services to Standard Chartered's midtown Manhattan branch, Standard Chartered conspired with Iran's government to process cash transactions, in violation of U.S. sanctions, for nearly 10 years. Over the course of the scheme, London-based Standard...
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