Standard Chartered Bank is an institution enriched by a prosperous history and an acclaimed prestige which is comparable to none. Nepalese people will vouch for the fact that the bank is indeed a prestigious institution and being affiliated with the bank in any way will invariably raise the status of the concerned individual amongst his immediate peers. The long history of achievements in the banking sector coupled with its numerous CSR activities had assisted the bank to be become the much sought after and talked about banks in the world. However, in the preceding days, some quarters has unraveled some mysterious misdemeanors of the bank which has questioned the basic module of the functioning of the bank. 

The New York banking regulator’s accusations against Standard Chartered Plc over transactions tied to Iran left investors and the bank questioning the action, which on Tuesday wiped $17 billion off the bank’s value. The charges are the latest in a series of high-profiled scandals to hit London’s global financial centre. The White House, in its statement, has signaled a strong interest in the case, stating that the US government takes alleged violations of economic sanctions “extremely seriously”.

The US Department of Financial Services said the bank systematically disguised foreign exchange deals with Iran that potentially opened the US banking system to terrorists and criminals. According to the Department, the bank had schemed with the government of Iran and hid from the regulators roughly 60,000 secret transactions, involving at least $250 billion. The transactions mainly involved US Dollar transfers for state-owned Iranian banks, including the Central Bank that was mentioned under US controls aimed at undermining Tehran’s alleged nuclear weapons programme. On the contrary, Standard Chartered said it “strongly rejects the portrayal of facts as set out by the US Department of Financial Services”. It had also said that the bank had stopped all new business with Iranian customers more than five years ago.

Standard Chartered Bank has been ordered to appear on 15^th August to explain the violation of the law and demonstrate why its licence to operate in New York should not be revoked. The bank could face steep fines if found guilty.

All the above accusations could be settled on 15^th August as the affluent bank proves to the world that it has indeed stood by its claims and have not falsified the truth. Standard Chartered Bank will leave no stones unturned to prove to the world that the bank is indeed-Here for Good!