Photo: Wikimedia Commons
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.The New York Department of Financial Services says the bank hid more than 60,000 transactions from regulators, totaling more than $250 billion over 10 years.
“For nearly a decade, SCB programmatically engaged in deceptive and fraudulent
misconduct,” regulators said in a statement. “These institutions included no less than the
Central Bank of Iran/Markazi (“CBI/Markazi”), as well as Bank Saderat and Bank Melli, both of
which are also Iranian State-owned institutions.”
The New York Department of Financial Services will require Standard Chartered to appear before it and explain the violations.
New York regulators also allege that Deloitte & Touche aided the company in its actions.
“SCB carefully planned its deception and was apparently aided by its consultant Deloitte & Touche which intentionally omitted critical information in its “independent report” to regulators,” the Department of Financial Services said.
Central to the investigation are wire messages to clear dollar swaps that were stripped of specific information by Standard Chartered that would have tied them to Iran.
Below, the full statement from the Department of Financial Services.