UK Bank Accused of Iran Money Laundering Scheme

By: Associated Press Email
By: Associated Press Email

ALBANY, N.Y. (AP) - The international bank accused of engaging in a $250 billion money laundering scheme with Iran says it is now reviewing its compliance with U.S. sanctions and cooperating with federal agencies.

London-based Standard Chartered Bank says it's also discussing its review with federal regulators.

The bank says it can't estimate when the review will conclude.

New York Financial Services Superintendent Benjamin Lawsky signed an order Monday that requires the bank to answer Lawsky's questions following his investigation.

The order claims that for nearly seven years the bank worked with Iranian-government owned banks and other Iranian entities to hide 60,000 transactions worth $250 billion.

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