Shares in Standard Chartered have plummeted in Hong Kong and London after a US regulator accused the British-based bank of conspiring with the Iranian government to launder at least $250bn in breach of American sanctions over almost a decade.
Labeling Standard Chartered a "rogue institution", the New York State Department of Financial Services (DFS) said the bank might have had dealings with Burma, Libya and Sudan, which were also under sanctions.
Standard Chartered, which stands to lose its US banking licence if the charges are proven, has strongly rejected the allegations.
The DFS alleges that Standard Chartered "designed and implemented an elaborate scheme by which to use its New York branch as a front for prohibited dealings with Iran - dealings that indisputably helped sustain a global threat to peace and stability".
Read more: Standard Chartered scandal: what is UK bank accused of? | News | The Week UK
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