You are here: Home - Investing -

Standard Chartered fights back over Iran allegations

Written by:
Standard Chartered chief executive Peter Sands last night strongly rejected claims from US regulators the UK bank helped Iran launder as much as $250bn (£161bn).

Sands, speaking out for the first time since the controversy came to light earlier this week, denied a number of claims made by the New York State Department of Financial Services.

Sands admitted some deals did violate US sanctions but these amounted to only 300 transactions worth about $14m.

New York’s State Department of Financial Services claimed earlier this week the US unit of the bank had for nearly a decade illegally hid 60,000 transactions with Iran.

Sands said the transactions were “administrative or understandable mistakes”.

“This was clearly wrong and we are sorry that they happened,” said Sands.

“However, there was no systematic attempt to circumvent sanctions.”

Sands also criticised the US authorities for giving no prior warning to the business, and questioned the accuracy of the allegations.

“We were surprised in the manner of the announcement and that it was done without giving us any notice,” he said.

“Frankly, there is a lot of material from the US regulators which we do not recognise or understand, or that is factually inaccurate.”

Sands also reiterated the group has disclosed to US authorities 99.9% of the transactions relating to Iran complied with the U-turn regulations.

Shares in Standard Chartered rebounded yesterday, gaining 7% or 87p to £13.15, after giving up as much as 25% on Tuesday once the money-laundering allegations surfaced.

This morning they climbed further, up 3.2% or 42.81p, to £13.58.

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Millions of Brits get hit with the unexpected costs of moving homes

Households are set to get hit with extra costs as they fail to budget in any unexpected cost of moving,...