'Business as usual for Standard Chartered'

IT IS business as usual for Standard Chartered Bank in Brunei, a senior manager said.

Amidst recent allegations from New York banking regulators that the bank hid US$250 billion in transactions with Iranian banks for almost a decade considered a violation of US sanctions on the country the bank said that it will remain committed to the needs of their customers and clients.

Annie Ng, the general manager of retail lending at Standard Chartered Brunei, said in a statement to The Brunei Times on Wednesday that "the (Standard Chartered) Group strongly rejects the position or the portrayal of facts as set out in the Order issued by the New York State Department of Financial Services".

When asked if any financial regulators have approached the bank regarding the allegations, the reply was unclear, but Ng said: "the Group takes its responsibility very seriously and seeks to comply at all times with the relevant laws and regulations working closely with our regulators".

On Tuesday, Standard Chartered was labelled a "rogue bank" by New York regulators which threatened it with fines and the suspension of its license.

In response, the group's secretary, Annemarie Durbin, said in a statement to the Hong Kong stock exchange that the group does not believe that the order issued presents a full and accurate picture of the facts.

Regulators said that transactions mainly involved US dollar transfers for state-owned Iranian banks, including the central bank, that fell under US controls aimed at undermining Tehran's alleged nuclear weapons programme.

Standard Chartered was ordered to appear on August 15, to explain the "apparent violations of law" and to demonstrate why its license to operate in New York should not be revoked.The Brunei Times