Standard Chartered seemingly played a shell game of hide the Iranian money. But now it has been caught by the state of New York and others and now must suffer the consequences and pay up.
New York State's banking regulator said the UK bank Standard Chartered Bank, motivated by millions of dollars in fees, schemed with the Iranian government to launder $250 billion over the years.
update:
Aug. 8 (Bloomberg) -- Standard Chartered Plc Chief Executive Officer Peter Sands hit back at a New York regulator's claims the lender broke US sanctions, and challenged the accuracy of the watchdog's assertions.
