Tuesday, August 7, 2012

Bank Accused Of Transferring $250 Billion To Iran

From: Bill M.
Sent: August 7, 2012
To: undisclosed recipients
Subject: Fw: Bank Accused Of Transferring $250 Billion To Iran
Bank Accused Of Transferring $250 Billion To Iran
If true this bank should not be able to do business here in the US. The world is trying to resolve the Iranian nuclear problem. This really bothers me and we all need to pull together to end it. Please post this article. Bill
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U.K. investment bank Standard Chartered could be suspended from operating in New York after state finance regulators found hundreds of billions of dollars worth of transactions with Iran.
"Motivated by greed, SCB acted for at least ten years without any regard for the legal, reputational, and national security consequences of its flagrantly deceptive actions," the New York Department of Financial Services says.
The state regulator alleges the bank colluded on tens of thousands of transactions totaling more than $250 billion, earning Standard Chartered millions in fees.
U.S. regulations prevent financial institutions from making payments to clients before they have determined that they do not originate in a country under sanction, which currently includes Iran, North Korea, and Sudan.

Here are the craziest allegations and details from the report.
Standard Chartered evaded U.S. rules for more than a decade, routing more than 60,000 Iranian transactions.

Read more: http://www.businessinsider.com/standard-chartered-iran-details-2012-8#ixzz22uWoRx7P

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