Standard Chartered looks to clear up scandal at US hearing

Tim Wallace
Follow Tim
STANDARD Chartered hopes to move a step closer to resolving its dispute with US authorities at a hearing on Wednesday – where regulators want to hear why the bank should keep its licence to operate in New York state.

The UK bank has been accused by the Department of Financial Services in New York of hiding $250bn (£159bn) of transactions for Iranian clients in breach of US sanctions.

But the institution disputes the claim, arguing that only $14m across 236 transactions were in breach of the US rules.

However, even that smaller sum could see the bank pay a fine to the regulators.