Standard Chartered shares dive amid allegations - Banking - News - Moneyfacts


Standard Chartered shares dive amid allegations

Standard Chartered shares dive amid allegations

Category: Banking

Updated: 07/08/2012
First Published: 07/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Standard Chartered shares have fallen as accusations of money laundering and secret transactions with Iran emerge.

The UK-based bank has vehemently denied claims by the New York State Department of Financial Services that it allegedly laundered an estimated £160 billion over the past decade to bypass US sanctions and hide transactions with Iranian financial institutions.

Labelled as a 'rogue institution', Standard Chartered has said that it "strongly rejects the position or portrayal of facts as set out in the order" issued by the US regulator.

A full hearing will be conducted, which could see the bank lose its US banking licence.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

More people are switching current accounts

Competition in the current account market remains intense, which means if you’re not happy with your account for any reason, now’s a great time to switch! Happily, more and more people seem to be getting in on the switching action...

Financial services complaints continue to fall

Many people feel dissatisfied with their financial providers at times, but happily, it looks as though the most serious complaints are becoming less and less common.

Contactless spending hits yet another record

Contactless spending is going from strength to strength, hitting new records on a seemingly monthly basis - and it’s just broken yet another one, with monthly contactless spending having passed the £2bn mark for the first time.