Standard Chartered bank illegally "schemed" with Iran to launder as much as $250bn (£161bn) for nearly a decade, a US regulator says......6 August 2012, source: Anglo media
The New York State Department of Financial Services said that the bank hid 60,000 secret transactions for "Iranian financial institutions" that were subject to US economic sanctions.
It labelled UK-based Standard Chartered a "rogue institution".
The bank has been threatened with having its US banking licence revoked.
The allegations are far larger than those involving HSBC, which was recently accused by the US Senate of failing to prevent money laundering from countries around the world including Mexico and Iran. It has set aside $700m to deal with any fines and penalties arising from those allegations.
The bank is ordered to appear before the regulator soon to "explain these apparent violations of law" from 2001 to 2010.
The regulator also said that it would hold a formal hearing over the "assessment of monetary penalties".
In the 27-page complaint, the New York State Department of Financial Services said that Standard Chartered showed "obvious contempt for US banking regulations" and pointed to an email reply from a bank executive director to a New York branch officer.
"Who are you fu^king [Americans] to tell us, the rest of the world, that we're not going to deal with Iranians," the complaint quotes the director as saying.