Standard Chartered Hid Iran Transactions

The Standard Chartered Bank is being accused of hiding roughly 60,000 illegal transactions with Iranians. The New York State Department of Financial Services is accusing the British bank of deliberately falsifying records in order to cover up the transactions, which are reportedly worth $250 billion. U.S. law requires transactions with Iranian banks to be closely monitored, in order to prevent the use of American banks to finance the country’s nuclear programs or terrorist organizations. According to the report, Standard’s dealings “left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes.”