Standard Chartered refutes US regulator's charges
07 August 2012
Standard Chartered Bank today said the US regulatory order charging it with involvement in $250 billion worth of secret transactions with Iran did not present the ''full and accurate'' picture, and that over 99.9 per cent of its Iran-related business was in compliance with the relevant regulations.
The UK-headquartered global banking giant said the total value of transactions that could be non-compliant with the related US regulations was in fact less than $14 million and that the bank had stopped all its new businesses with Iranian clients over five years ago.
The bank's response comes after the New York State Department of Financial Services (DFS), last night, passed an order wherein Standard Chartered stands accused of hiding over 60,000 secret transactions, involving at least $250 billion, over a period of 10 years and exposing the US financial system to terrorists, weapon dealers and drug kingpins.
Iran is in the group of countries barred by the US for conducting any transactions with individuals and entities.
Rejecting the charges levelled by DFS, Standard Chartered Bank said in a filing with stock exchanges in London and India, where it is listed, that the group ''does not believe the order issued by the DFS presents a full and accurate picture of the facts. It strongly rejects the position or the portrayal of facts as set out in the order issued by the DFS''.
''The group takes its responsibilities very seriously and seeks to comply at all times with the relevant laws and regulations,'' the bank added.