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.
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