LONDON, Aug. 7 (UPI) -- Shares of London-based Standard Chartered Bank fell Tuesday after allegations that a U.S. unit schemed with Iranian clients to hide funds.
Shares of Standard Chartered plunged 16.43 percent to 1,228.50 pound sterling (about $1,922) on the FTSE 100 following accusations by the New York Financial Service Department that a U.S. unit of Standard Chartered hid from regulators about 60,000 secret transactions involving at least $250 billion for nearly 10 years.
The order issued by Financial Services Superintendent Benjamin Lawsky said Standard Chartered could lose its license to operate in New York and its U.S. dollar-clearing operations could be suspended.
Standard Chartered "strongly rejects the position or the portrayal of facts as set out in the order" issued by the New York regulator, the bank said on its Web site.
The financial institution said it "does not believe the order issued by the DFS presents a full and accurate picture of the facts. ... As we have disclosed to the authorities, well over 99.9 percent of the transactions relating to Iran complied" with regulations.
Standard Chartered also said the total value of transactions that weren't in compliance was under $14 million.
Standard Chartered was working with relevant U.S. agencies and was "surprised" to receive the New York regulators' order.
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