New York state today accused global banking giant Standard Chartered of hiding about 60,000 secret transactions with the Iranian government, involving a whopping USD 250 billion, and exposing the US financial system to terrorists, weapon dealers and drug kingpins.
The UK-based bank, which has significant presence across the world, has also been found to have deficient money laundering controls in its outsourcing of work to India, found a probe by New York State Department of Financial Services. "For almost ten years, SCB (Standard Chartered Bank) schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least USD 250 billion, and reaping SCB hundreds of millions of dollars in fees," the New York state department said in a 27-page order.
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