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...
Don’t stop now. There’s
more at: http://www.businessinsider.com/standard-chartered-iran-details-2012-8
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