Standard Chartered bank 'in $250bn scheme with Iran'

The New York State Department of Financial Services said that the bank hid 60,000 secret transactions for "Iranian financial institutions" that were subject to US economic sanctions.

Standard Chartered then covered up its transgressions, it said.

HSBC was recently accused by the US Senate of allowing money laundering.

HSBC has set aside $700m to deal with those allegations.

Source & Image : BBC