Bank Hits Back Over Rogue Iran Deals Claim
London-listed Standard Chartered has rejected a US regulator's claim that it hid $250bn worth of illegal transactions with Iranian banks over nearly a decade.
The New York department of financial services says the bank operated as a "rogue institution", engaged in "deceptive and fraudulent misconduct", and lied to regulators to cover up its actions.
But the UK institution has hit back saying it "does not believe the order issued by the DFS presents a full and accurate picture of the facts".
It said in a statement: "The analysis, that the Group shared with all the US agencies, demonstrates that throughout the period the Group acted to comply, and overwhelmingly did comply, with US sanctions and the regulations relating to U-turn payments.
"As we have disclosed to the authorities, well over 99.9% of the transactions relating to Iran complied with the U-turn regulations.
"The total value of transactions which did not follow the U-turn was under $14m."
The bank's Hong Kong-listed shares plunged 7.5% to HK$174.0 when the market opened following the news.
Under US law, any financial dealings with Iranian banks are subject to sanctions because of concerns that US institutions could be used to finance the country's nuclear programme or terrorist operations.
The New York regulator alleges that the bank arranged to help the Iranians by omitting or falsifying the name of the client in order to ensure transactions did not raise any red flags.
The department says the bank engaged in prohibited U-turn transactions, where a non-US financial institution transfers funds to a US bank, which then wires money directly to another non-US financial institution.
It also alleges that the practice was sanctioned at the highest levels of Standard Chartered, quoting a bank director who said: "You f*****g Americans. Who are you to tell us, the rest of the world, that we're not going to deal with Iranians?"
what do you think?
Am very proud ofStandard Chartered 'sDirector stood his ground and told American " who the hell they think they are" this is the first time ever any one in "high position" told the American wher to go, i hope they ( the American do-not fix him with SEX !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!).
The Americans do it because British politicians do not want to offend their mates in those banks. Someone has to do it.
Who was the director that made that statement, Kim Jong Il from Team America?
Does anyone remember that the Americans openly funded the IRA?
Since when have two wrongs made a right?
Just because the US are paranoid about Iran then they think everyone else must follow their lead. And Jason you are right about the IRA where the yanks paid lip sevice to any ban on supplying money to terrorists. Remember Noraid
So you mean because the American banks did it that makes it OK? Duh!!!
Yes, 'Noraid' was an organisation set up by a group of 'Irish Americans'. The US Department of Justice won a court case forcing them to register the Provos as their 'foreign principal' in 1981. So not 'the Americans' but 'some Irish Americans', some of them quite rich such as actor Mickey Rourke who donated something like a million dollars. Some of them thought it was going to Irish catholic families when, in fact, most of it went to buy weapons and explosives from the likes of Gaddafi, (y'know, one of Tony Blair's old mates).
Try looking closely at Germany bank transactions and their expats working in Iran which have been extensive years since revolution 1979 to this date Big Earner.
The Yanks accusing anybody of shady dealings is laughable. Let he who is without sin cast the first stone, u sanctimonious, two faced, holier than thou crossbreeds:@
Capitalism and moral values are not compatible.
"The total value of transactions which did not follow the U-turn was under $14m." Therefore you ARE guilty!!!!! $14m may not sound a lot to you greedy bankers but it is still a fortune for the majority of people suffering in Britain brought on by the likes of you.
Coming from a financial background i will let u people no a little story as to why this has happened.. S.c has from a british banking view has been 1 of the least affected by the world financial problems.. They are expanding the power cross the world and not much more than a week after declaring this the americans strike.. Just remember people this is not the first company america has destroyed because they fear there there growth.. There banks where hit alot harder than ours so its there way to balance that out
so the americans are at it again telling everyone what they can do remember the world banking crisis which was caused by greedy american bankers taking risks with other peoples money ive lost count now of how many so called clean american banks that have been investigated over their own dealings
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