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Standard Chartered rejects Iran allegations

  • The chief executive of Standard Chartered has said it "fundamentally rejects" accusations that it laundered as much as $250 billion for Iran.

    "There was no systematic attempt to circumvent sanctions," Peter Sands said in a conference call.

    On Monday, New York's State Department of Financial Services said the U.S. unit of the bank had illegally hid 60,000 transactions with Iran for nearly ten years.

    The bank was accused of falsifying Swift wire payment directions by wiping out the message of unwanted data that showed the clients were Iranian.

    Standard Chartered has admitted that some of its transactions did violate U.S. sanctions but that the amount was only 300 transactions, worth about $14 million.