Standard Chartered Plc (STAN) conducted $250 billion of
transactions with Iranian banks over seven years in violation of federal money
laundering laws, a New York regulator said in an order warning that the firm’s
U.S. unit may be suspended from doing business in the state.
Standard Chartered earned hundreds of millions of dollars in
fees for handling transactions on behalf of Iranian institutions that are
subject to U.S. economic sanctions, New York’s Department of Financial Services
said yesterday. The London-based bank, which generates almost 90 percent of its
profit and revenue in Asia, Africa and the Middle East, was ordered by the
regulator to hire an independent, on-site monitor to oversee operations in the
state.
When the head of the bank’s U.S. unit warned his superiors
in London in 2006 that Standard Chartered’s actions could expose it to
“catastrophic reputational damage,” he received a reply referring to U.S.
employees with an obscenity, according to the order….
No comments:
Post a Comment