A day after the New York State Department of Financial Services called Standard Chartered Bank a “rogue institution,” the UK-based bank released a statement saying that it “strongly rejects the position or portrayal of facts as set out in the order,” according to BBC. The U.S. regulator claimed that the bank falsified payment directions from 2001-2010, stripping messages of unwanted data that showed their clients were Iranian.
The regulator said it would soon hold a formal hearing over the alleged transgressions, which may result in SCB losing its New York-based license. The regulator also suggested that consultancy firm Deloitte may have played a role in the transactions as well. Similar business practices were additionally linked to firms in Libya, Burma and Sudan.
