Standard Chartered boss in New York to defend Iran allegations

Standard Chartered's Chief Executive has taken charge of negotiations with the New York regulator that has accused the bank of illegally processing 250 billion dollars of payments for Iran.

The bank maintains the total number of payments that didn't comply with US sanctions laws was just a fraction of the alleged 60,000 transactions.

It admits there were breaches but maintains they amounted to $14m across 300 transactions.

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Talks with New York state regulators over how much a settlement would cost Standard are ongoing ahead of an official hearing in front of the Department of Financial Services.

It is unclear whether boss Peter Sands will attend Wednesday's hearing or even whether it will be held in public or private.

Executives will have to face Benjamin Lawsky, the head of the regulator, who has ordered the management to explain why the bank shouldn't lose its license.

He has accused Standard of being a "rogue institution" for breaking US sanctions against Iran.

Sands has furiously denied Lawsky's claims, insisting that almost all the payments were legal.

A broad range of politicians and City figures have accused Lawsky of trying to damage London's reputation as a financial centre and win business for America.

The latest allegations follow hefty fines being levied against Barclays and HSBC by US regulators, for interest rate fixing and facilitating money laundering, respectively.

Standard Chartered is already in discussion with the US Justice Department over a separate matter concerning violation of sanctions laws.