Standard Chartered fights back over Iran allegations

Standard Chartered chief executive Peter Sands last night strongly rejected claims from US regulators the UK bank helped Iran launder as much as $250bn (£161bn).

Sands, speaking out for the first time since the controversy came to light earlier this week, denied a number of claims made by the New York State Department of Financial Services. Sands admitted some deals did violate US sanctions but these amounted to only 300 transactions worth about $14m. New York's State Department of Financial Services claimed earlier this week the US unit of the bank had for nearly a decade illegally hid 60,000 transactions with Iran. Sands said the transactions were "administrative or understandable mistakes". "This was clearly wrong and we are sorry tha...