NEW YORK: In a rare move, New York's top bank regulator threatened to strip the state banking license of Standard Chartered Plc, saying it was a "rogue institution" that hid US$250 billion in transactions tied to Iran, in violation of U.S. law.
The New York State Department of Financial Services on Monday said the bank "schemed" with the Iranian government and hid from law-enforcement officials 60,000 secret transactions in order to generate hundreds of millions of dollars in fees.
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