Standard Chartered bank in $250 billion scheme with Iran for nearly a decade

Standard Chartered bank illegally “schemed” with Iran to launder as much as $250 billion for nearly a decade, a US regulator says.

The New York State Department of Financial Services said that the bank hid 60,000 secret transactions for “Iranian financial institutions” that were subject to US economic sanctions.

Standard Chartered bank illegally "schemed" with Iran to launder as much as $250 billion for nearly a decade

Standard Chartered then covered up its transgressions, it said.

HSBC was recently accused by the US Senate of allowing money laundering.

HSBC has set aside $700 million to deal with those allegations.