StanChart rejects DFS claims on Iran dealings

Standard Chartered strongly rejected the portrayal of its handling of Iran-related transactions by New York's top bank regulator, which branded the British bank a "rogue institution".

The New York State Department of Financial Services (DFS) has threatened to strip Standard Chartered of its state banking license, saying the British bank hid $250 billion in transactions tied to Iran, in violation of U.S. law.

"The group strongly rejects the position or the portrayal of facts as set out in the order issued by the DFS," Standard Chartered said in a statement on Tuesday, adding that it does "not believe the order issued by the DFS presents a full and accurate picture of the facts."

[Source: Reuters, London, 07Aug12]

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