Standard Chartered may face suspension in New York State

Standard Chartered may lose its license to operate in the state of New York, according to the New York State Department of Financial Services.

Standard Chartered may lose its license to operate in the state of New York, according to the New York State Department of Financial Services.

For almost ten years, Standard Chartered Bank (SCB) schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250bn, reaping the lender hundreds of millions of dollars in fees. Standard Chartered Bank'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.

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