Execs Dismiss Iran Fraud Claims

Standard Chartered bank executives are pushing back on allegations that the firm helped Iran hide $250 billion in transactions made by the New York State Department of Financial Services. The bank, which could lose its license to operate in New York, says the government hasn’t produced a “full and accurate picture of the facts." Regulators say the bank is a “rogue institution” and claimed that it concealed 60,000 transactions over 10 years in exchange for hundreds of millions of dollars in fees. The bank said 99.9 percent of its transactions with Iran had complied with the U.S.’s sanctions against the regime.