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Thwarting controls against money laundering, Standard Chartered Bank enabled Iranian banks and corporations to hide roughly 60,000 transactions worth at least $250 billion within the bank, New York state’s banking regulator charged Monday.
The New York State Department of Financial Services accused the British bank, which it called a “rogue institution” of hiding the transactions in order to gain hundreds of millions of dollars in fees from January
“Israel’s goal is the Somalisation of Syria, following the Somalisation of Iraq,” said Putin, and Netanyahu did not deny his interpretation
The New York State Department of Financial Services accused the British bank, which it called a “rogue institution,” of hiding the transactions to gain hundreds of millions of dollars in fees from January 2001 through 2010.
The New York State Department of Financial Services accused the British bank, which it called a “rogue institution,” of hiding the transactions to gain hundreds of millions of dollars in fees from January 2001 through 2010.
Sir John is also Chairman of Burberry Group plc and Experian plc.
Before his appointment as Group Chief Executive he was responsible for Finance, Strategy, Risk and Technology and Operations.
Shares of Standard Chartered have tumbled despite the bank denying allegations that it illegally "schemed" with Iran to launder money. Shares fell 15% in early London trade, after falling 16% in Hong Kong.
In a rare look inside a bank, the regulator described how Standard Chartered officials debated whether to continue Iranian dealings.
In October 2006, the top official for business in the Americas, whom the regulator did not name, warned in a "panicked message" that the Iranian dealings could cause "catastrophic reputational damage" and "serious criminal liability." A top executive in London shot back: "You f---ing Americans. Who are you to tell us, the rest of the world, that we're not going to deal with Iranians."
The reply showed "obvious contempt for U.S. banking regulations," the regulator said.
Standard Chartered has fended off threats by a New York regulator to revoke its banking licence for alleged breaches of US sanctions. Chief executive Peter Sands is however under intense pressure after the bank agreed to pay $340m (£220m) despite insisting that it had committed only minor breaches of the rules.
Barely 24 hours before the bank was due to attend a hearing with the New York department of financial services (DFS), the regulator announced the surprise settlementwhich also includes the installation a monitor for at least two years to evaluate the bank's risk controls. Inspectors from the DFS will be installed at the bank's office in New York and the bank will "permanently install personnel" in New York solely to ensure that it adheres to money laundering laws.
Originally posted by leosnake
dirty criminal russian money are in UK also
Standard Chartered shares have rallied after it agreed to pay $340m (£217m) to New York regulators to settle claims that it hid transactions with Iran. The bank, accused of laundering as much as $250bn, had been threatened that its US banking licence may be revoked. Shares opened 4.3% higher in London trade before easing slightly.