Reuters: Regulatory News: StanChart CEO takes lead in Iran probe talks

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StanChart CEO takes lead in Iran probe talks Aug 14th 2012, 08:41 LONDON | Tue Aug 14, 2012 4:41am EDT LONDON Aug 14 (Reuters) - Standard Chartered's Chief Executive Peter Sands has flown to New York to take personal control of the bank's attempts to reach a settlement with U.S. regulators over allegations it hid transactions involving Iran. Sands is also ready to attend a hearing set for Wednesday at which the London-based bank has been told by the New York banking regulator that it must demonstrate why its state banking licence should not be revoked over the transactions. A Standard Chartered spokesman said on Tuesday the bank is waiting to hear from the New York regulator what form the hearing will take. The Department of Financial Services has released no details of how the session will be conducted. "Peter is happy to go if that's appropriate," a Standard Chartered spokesman said. Sands will work with the bank's U.S. lawyers who are attempting to negotiate a settlement over the issue with U.S. authorities, the spokesman said. Last week, state Financial Services Superintendent Benjamin Lawsky said the bank hid Iran-linked transactions with a total value of $250 billion. Sands has denied Lawsky's allegations and said the total amount that failed to adhere to U.S. sanctions on Iran was less than $14 million. The stakes for Standard Chartered are high, given that the loss of its state banking license would effectively cut it off from direct access to the U.S. bank market. Most of Standard Chartered's business is in Asia and the Middle East.

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