Arab Today, arab today ny bank hid 250b for iranian clients
Last Updated : GMT 05:50:52
Arab Today, arab today
Arab Today, arab today

NY: Bank hid $250B for Iranian clients

Arab Today, arab today

Arab Today, arab today NY: Bank hid $250B for Iranian clients

Albany - UPI

New York regulators accused a Standard Chartered Bank banking unit of plotting with Iran to hide more than $250 billion in transactions for nearly a decade. \"For almost 10 years, [Standard Chartered Bank] schemed with the government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250 billion, and reaping SCB hundreds of millions of dollars in fees,\" the New York Financial Services Department order read. \"SCB\'s actions left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes, and deprived law enforcement investigators of crucial information used to track all manner of criminal activity.\" The order issued by Financial Services Superintendent Benjamin Lawsky said Standard Chartered could lose its license to operate in New York and its U.S. dollar-clearing operations could be suspended. The agency ordered the British bank\'s U.S.-based subsidiary to \"explain these apparent violations of law\" at a hearing Aug. 15. Lawsky also directed that an independent monitor chosen by Financial Services oversee the banking unit\'s operations. The order said the department first focused on the bank\'s \"apparent systematic misconduct on behalf of Iranian clients\" but later discovered evidence of \"what are apparently similar SCB schemes to conduct business with other U.S. sanctioned countries, such as Libya, Myanmar and Sudan.\" In its \"zeal\" to make money, SCB falsified business records, didn\'t maintain accurate books and records of all transactions, obstructed government administration, evaded federal sanctions and \"numerous other violations of law that ... have an impact on the safety and soundness of SCB\'s New York branch and the department\'s confidence in SCB\'s character, credibility and fitness as a financial institution licensed to conduct business under the laws\" of New York, the order said. The department alleged that from early in 2001 through 2010, SCB concealed money received from Iranian clients from New York and U.S. regulators. During the period, the U.S. Office of Foreign Assets Control required U.S. financial institutions to filter all dollar clearing transactions so those involving sanctioned entities could be identified and frozen pending an investigation. \"Motivated by greed, SCB acted for at least 10 years without any regard for the legal, reputational and national security consequences of its flagrantly deceptive actions,\" the order said. \"Led by its most senior management, SCB designed and implemented an elaborate scheme by which to use its New York branch as a front for prohibited dealings with Iran.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ny bank hid 250b for iranian clients Arab Today, arab today ny bank hid 250b for iranian clients

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 05:17 2017 Wednesday ,29 March

Samsung to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday