New York State Department of Financial Services: Order against Standard Chartered Bank

On August 6, 2012, the New York Department of Financial Services issued an Order against Standard Chartered Bank regarding its alleged failure to comply with OFAC requirements with respect to the processing of Iranian transactions during the period 2001 through 2010. The Order provides, inter alia, for a hearing to be held on August 15, 2012 to enable Standard Chartered Bank to respond to these allegations and demonstrate why its NY branch license should not be revoked.