|Page (1) of 1 - 08/07/12||email article||print page|
NY regulator accuses British bank of scheming with Iranians to launder $250B; bank denies it
ALBANY, N.Y. (AP) ¯¯¯ The British bank accused of violating U.S. sanctions against doing business with Iran rejects the claim and says it had already been cooperating in a review with American regulators.
London-based Standard Chartered Bank says it began its review of its transactions in 2010 and was surprised by the order and accusations made Monday by New York State Financial Services Superintendent Benjamin Lawsky.
The bank says records show it sought to comply and overwhelmingly did comply with all U.S. regulations enacted to prevent funding for Iran's nuclear program and to terrorist groups.
Lawsky says the bank schemed with the Iranian government to launder $250 billion from 2001 to 2007, leaving the United States' financial system "vulnerable to terrorists."