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Standard Chartered bank involved in '$250 billion scheme with Iran'

  • Standard Chartered bank illegally "schemed" with Iran to launder nearly $250 billion for almost a decade, according to a U.S. regulator.

    The New York State Department of Financial Services said the UK-based bank hid 60,000 secret transactions for "Iranian financial institutions" that were subject to U.S. economic sanctions.

    As a result, Standard Chartered faces having its U.S. banking licence revoked and has been ordered to appear before the regulator to "explain these apparent violations of law" from 2001 to 2010.

    The allegations come after the U.S. Senate accused HSBC last month of failing to prevent money laundering from countries including Mexico and Iran.

    HSBC has set aside $700 million to deal with any fines and penalties relating to those allegations.