Update: BANK REGULATORY – Standard Chartered Bank and the New York State Bank regulator
The facts surrounding the Order issued by the New York state banking regulator, Benjamin Lawsky, is being analyzed on both sides of the Atlantic. There appears to have been a loophole in the US banking law until 2008 which facilitated certain transactions with Iranian banks. That loophole is discussed in today’s New York times.
http://mobile.nytimes.com/2012/08/09/business/how-a-lax-banking-law-obscured-money-flow.xml
On the other side of the Atlantic, the BBC News is wading in and provides the interesting schematic of how these so-called U-turn transactions were accomplished. They commenced out of the U.S. by non-Iranian banks passed through the U.S. financial system on their way to other non-Iranian foreign banks and were done to facilitate the oil exports from Iran. http://www.bbc.co.uk/news/business-19159286.
The Order makes very interesting reading as it paints a picture of bank representatives engaging in a scheme to evade federal laws. It alleges that Standard Chartered “provided step-by-step, wire-stripping instructions for any payment messages containing information that would identify Iranian clients,”
To date, all the attention has been on Standard Chartered as an institution, but institutions are made up of directors, officers and employees. The next shoe to drop will be the identification of those individuals who participated in the scheme. The New York State Department of Financial Services has so far brought this matter on its own which is unusual. Bank of England’s Mervyn King has indicated that the other regulators involved in the investigation both in the UK and in the US should work together. While they decide on their course of action, (if and when they do so) the important question is whether there will be charges against Standard Chartered’s individual representatives.
In any event, there ought to be tremendous scrutiny of the compliance and anti-money laundering programs in place at Standard Chartered.
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