This story appeared in Victoria's paper as a given. You bank with
Iran--you're fined millions. It made little sense, but this version
below seems better balanced. The DFS seems to have a lot of clout when
it feels like it..
*Natalia*
http://www.vancouversun.com/business/York+bank+accused+scheming+with+Iran/7056604/story.html
New York bank accused of scheming with Iran
Regulator says Standard Chartered hid more than $250 billion in
transactions
By Lawrence White And Steve Slater, Reuters August 8, 2012
Read more:
http://www.vancouversun.com/York+bank+accused+scheming+with+Iran/7056604/story.html#ixzz23deQJh9f
A New York bank regulator's broadside against Standard Chartered Plc for
allegedly hiding $250 billion in trans-actions tied to Iran left
investors and the bank questioning the motive for the ambush, which
wiped $17 billion off its value.
London-based Standard Chartered hit back at the New York State
Department of Financial Services (DFS) threat to tear up its state
banking licence on Tuesday, dismissing the charge that it was a "rogue
institution" that "schemed" with the Iranian government as a distortion
of the facts.
Bank insiders were as shocked as investors by the ferocity of the DFS
accusations over its involvement with Iran, which is subject to U.S.
sanctions over its nuclear program.
Chief executive Peter Sands scram-bled back from his vacation as the
bank held hastily convened conference calls to plan its defence and try
to limit the damage caused to its reputation.
The U.S. agency said Standard Chartered hid 60,000 secret transactions
to generate hundreds of millions of dollars in fees over nearly 10 years.
The bank, which has been in talks with U.S. authorities since early 2010
over the matter, had exposed the U.S. banking system to terrorists, drug
traffickers and corrupt states, the DFS said.
The loss of a New York banking licence would be a devastating blow for a
foreign bank, effectively cutting off direct access to the U.S. bank
market. Standard Chartered processes $190 billion every day for global
clients, the New York bank regulator said.
© Copyright (c) The Vancouver Sun <http://www.vancouversun.com>
Read more:
http://www.vancouversun.com/York+bank+accused+scheming+with+Iran/7056604/story.html#ixzz23deK05wF
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