Regulators in the UAE are asking questions about Standard Chartered's operations in the Dubai International Financial Centre (DIFC).
The move follows allegations the UK bank concealed as much as US$250 billion (Dh918.26bn) in transactions with Iran that violated US sanctions.
The Dubai Financial Services Authority, which regulates firms operating in the DIFC, the emirate's financial free zone, said it was looking into allegations against Standard Chartered made in the week by US officials. The bank has not been accused of any wrongdoing by the DFSA. "We are currently making our own inquiries as the regulator of the branch of Standard Chartered bank in the DIFC," a spokeswoman for the DFSA said.
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