NY's 1st Stab At Standard Chartered Bank

Law360, New York (August 17, 2012, 6:57 PM EDT) -- Standard Chartered Bank (SCB), a wholly owned subsidiary of Standard Chartered PLC, a British bank, faces the possible loss of its New York banking license following accusations by the New York State Department of Financial Services (NYDFS) that the bank hid 60,000 transactions involving Iran over the course of almost a decade.

The NYDFS charged on Aug. 6 that the bank knowingly violated U.S. law in processing the transactions, allegedly worth over $250 billion, in order to secure hundreds of millions of dollars of fees. SCB...
To view the full article, register now.