On Monday, the New York State Dept. of Financial Services went public with accusations that British bank Standard Chartered conspired to conceal at least $250 billion in transactions with the Iranian government that were moved through its U.S. subsidiary.
The state regulator has summoned representatives of the bank appear at an Aug. 15 hearing, the outcome of which could be the revocation of SCB’s license to operate in New York. In the order demanding that appearance, the agency said its investigation of more than 30,000 pages of documents, including internal e-mails, reveal roughly 60,000 secret transactions with Iran that violated U.S. sanctions.
