Standard Chartered’s compliance unit had been outsourced to India in an effort to reduce costs, leaving the bank’s New York operations in the dark about whether its transactions breached US sanctions, regulators say.
On Monday, the New York department of financial services published a report accusing Standard Chartered of having concealed US$250 billion (Dh918.27bn) in transactions that violated US sanctions against Iran.
Standard Chartered, which strongly rejected the department’s report, is due to go before the New York superintendent of financial services on Wednesday to explain itself, with analysts fearing it could lose its US banking licence.
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