Standard Chartered 'could face $700m fine' - reports

Standard Chartered could face up to $700m in fines if found guilty of allegations it helped Iranian clients conduct money laundering.

Shares in the emerging markets-focused investment bank plunged by around 24% yesterday, as reports emerged the New York State Department of Financial Services had attempted to get US regulators to punish the bank for disguising thousands of Iranian money transfers worth $250bn. The transfers have been under investigation for more than two years. According to sources close to Bloomberg, Standard Chartered could face up to $700m in fines related to the money laundering claims. The bank, which has for many years been considered one of the safer, more resilient banking giants after emergi...