New York Bank Regulator Accuses British Bank of Violating Iranian Sanctions for Almost Ten Years

On August 7, 2012, the New York State Department of Financial Services  (“Department”) issued an order alleging that, for almost ten years, Standard Chartered Bank (SCB), a wholly owned subsidiary of Standard Chartered plc conspired with the Government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250 billion, and making SCB hundreds of millions of dollars in fees.[1]