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 in early trade.
The New York State Department of Financial Services said the bank laundered as much as $250bn over nearly a decade.
It said the bank hid transactions for Iranian financial institutions that were subject to US economic sanctions.
The regulator said that Standard Chartered had hidden 60,000 such secret transactions.
However, the bank denied the allegations saying that it strongly rejects the position or portrayal of facts as set out in the order issued by the regulator.
AUTHOR: BEN GUMO
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