Arab Today, arab today ny bank hid 250b for iranian clients
Last Updated : GMT 02:18:28
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.\"

arabstoday
arabstoday

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

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 Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
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