Standard Chartered rejects US regulator's Iran trade claims
HONG KONG (AFP) - Banking giant Standard Chartered on Tuesday rejected a United States regulator's claim that it hid US$250 billion (S$310.3 billion) in transactions with Iranian banks in violation of US sanctions.
The denial came a day after the New York's Department of Financial Services (DFS) threatened to revoke the bank's licence and imposed fines, as the regulator branded the London-based lender as a "rogue bank".
"The group strongly rejects the position or the portrayal of facts as set out in the order issued by the DFS," group company secretary Annemarie Durbin said in a statement.
"The group does not believe the order issued by the DFS presents a full and accurate picture of the facts."