A Standard Chartered Bank branch in Guangzhou,
“The group is conducting a review of its historical US sanctions compliance and is discussing that review with US enforcement agencies and regulators,” Standard Chartered Bank said in a statement Monday. “The group cannot predict when this review and these discussions will be completed or what the outcome will be.”
The bank also said it had no prior notice of the order.
The state agency called the bank a rogue institution and said its actions “left the US financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes and deprived law enforcement investigators of crucial information used to track all manner of criminal activity.”
The bank stripped information from the money transfers that is used to identify countries being sanctioned and replaced it with false entries or returned it to Iran for “wire stripping” and resubmission, according to the order.