Banking and financial services. Standard Chartered employs 38,000 people in 950 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. Standard Chartered is one of the worlds most international banks, with employees representing 80 nationalities. It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance.

Red = 25 day moving average. Green = 200 day moving average.

Ooops

StanChart discussing sanctions compliance with U.S.

LONDON | Mon Aug 6, 2012 5:32pm BST

(Reuters) - Standard Chartered said it continues to discuss its historical compliance with U.S. sanctions with authorities, after New York's banking regulator said it conducted more than $250 billion (160 billion pounds) of transactions with Iran-related entities.

Standard Chartered bank 'in $250bn scheme with Iran'

Standard Chartered bank illegally "schemed" with Iran to launder as much as $250bn (£161bn) for nearly a decade, a US regulator says.

The New York State Department of Financial Services said that the bank hid 60,000 secret transactions for "Iranian financial institutions" that were subject to US economic sanctions.

It labelled UK-based Standard Chartered a "rogue institution".

The bank has been threatened with having its US banking licence revoked.

And to think that I once considered this to be one of the safer Banks.

This morning's reuters.

New York may pull Standard Chartered licence, says "rogue" bank hid $250 billion in Iran deals

ue Aug 7, 2012 5:33am BST

(Please be advised that paragraph 5 contains reference to language that some readers may find offensive)

By Jonathan Stempel and Carrick Mollenkamp

(Reuters) - New York's top bank regulator threatened to strip Standard Chartered Plc of its state banking license, saying the British bank was a "rogue institution" that hid $250 billion (160.28 billion pounds) in transactions tied to Iran, in violation of U.S. law.


From the BBC

Standard Chartered shares dip on laundering allegations

Shares of Standard Chartered bank have tumbled in Hong Kong despite the bank denying allegations that it illegally "schemed" with Iran to launder money.

Its shares fell as much as 7.5% to HK$174 in early trade.

Standard Chartered Statement

Standard Chartered has received the attached order from one of its regulators, the New York State Department of Financial Services. The Group had not received any prior notice of this order.

As reported previously, the Group is conducting a review of its historical US sanctions compliance and is discussing that review with U.S. enforcement agencies and regulators. The Group cannot predict when this review and these discussions will be completed or what the outcome will be.

To view the associated document please click on the link below: -

http://www.rns-pdf.londonstockexchange.com/rns/4285J_-2012-8-6.pdf

Ouch! -13.8%

Nomura has downgraded its rating for Standard Chartered (StanChart) from 'buy' to 'neutral' on the back of the allegations of dealings with Iran by the emerging markets lender.

Following the bank's, StanChart was Nomura's preferred stock in the sub-sector and on the basis of fundamental equity analysis, that would still remain the case, the broker said on Tuesday morning.

"However, in the face of allegations by the New York State Dept. of Financial Services that Standard Chartered Bank (SCB, US subsidiary of Standard Chartered plc) engaged in unauthorised Iranian transactions, we see material headline risk and downgrade the stock to 'neutral'."

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Only downgraded to Neutral? Wonder what they have to do for a Sell rating then -):

risky buy? market cap down£10billion+!

Oochh...

SP recovering...... a storm in a teacup?

hali - you know how litigious the amis are, and the lawyers will just the love the chance of an action against a big corporate client .... that said, from the little i have heard, the senior management knew full well what they (the bank) was up to, and colluded to try to hide it

cynic we are not concerned about the unproven allegations more interested in making "a bob or two" on the rebound.

cynic made a nice day trade profit... isn't that the name of the game?

And Oooops again :-

Exclusive - U.S. regulators irate at New York action against Standard Chartered

NEW YORK/LONDON | Wed Aug 8, 2012 5:34am BST

(Reuters) - The U.S. Treasury Department and Federal Reserve were blindsided and angered by New York's banking regulator's decision to launch an explosive attack on Standard Chartered Plc over $250 billion (160.1 billion pounds) in alleged money laundering transactions tied to Iran, sources familiar with the situation said.

By going it alone through the order he issued on Monday, Benjamin Lawsky, head of the recently created New York State Department of Financial Services, also complicates talks between the Treasury and London-based Standard Chartered to settle claims over the transactions, several of the sources said.

Berenberg upgrade the stock from sell to hold. Up over 6% in early trading.

Is no-one trustworthy in Finance? Or is it a Big Game to those involved - like a day at the Funfair, when Auntie is paying?

Next we'll read that UK Gov has sold our Gold reserves, just when the price was low.

Oh Deary.

cynic did you catch the bounce?

In finance, money speaks not trust or human! everything is ignored as usual.... like politics

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