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Standard Chartered has released a statement saying that the bank was already conducting a review over its Iranian transactions and the Group had been in touch with the New York State Department of Financial Services (DFS).
Standard and chartered said:
"The Group does not believe the order issued by the DFS presents a full and accurate picture of the facts.
"The analysis, that the Group shared with all the US agencies, demonstrates that throughout the period the Group acted to comply, and overwhelmingly did comply, with US sanctions and the regulations relating to U-turn payments.
"As we have disclosed to the authorities, well over 99.9% of the transactions relating to Iran complied with the U-turn regulations. The total value of transactions which did not follow the U-turn was under $14m.
"The Group is engaged in ongoing discussions with the relevant US agencies. Resolution of such matters normally proceeds through a co-ordinated approach by such agencies.
"The Group was therefore surprised to receive the order from the DFS, given that discussions with the agencies were ongoing. We intend to discuss these matters with the DFS and to contest their position.
"The Group takes its responsibilities very seriously, and seeks to comply at all times with the relevant laws and regulations. It is in this spirit we initiated this review and have engaged with the US agencies."
Hong Kong shares overall rose this morning, but Standard Chartered Plc suffered its worst daily loss in 2.5 years after New York regulators accused it of illegally hiding transactions tied to Iran.
Shares of Standard Chartered Plc tumbled 7.4% on the news that the UK based bank could lose its US licence.
Standard Chartered's Hong Kong shares were set to open around 7.5 percent lower today, after New York's top bank regulator threatened to strip the UK bank's state banking licence because of alleged transactions tied to Iran.
Shares were indicated to open at HK$174, while Hong Kong's benchmark Hang Seng share index was set to start up 0.2 percent.
Standard Chartered's London shares fell 6.2 percent to 14.70 pounds after the New York State Department of Financial Services said the bank "schemed" with the Iranian government and hid around 60,000 secret transactions to generate hundreds of millions of dollars in fees over nearly 10 years.
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After accusations of money laundering on behalf of the Iranian regime, Standard Chartered's chief has said "sorry".
Shares in Standard Chartered have had an absolute savaging on the stock market. Dives like this are unusual, and serious for any company