(AP) Standard Chartered's chief executive is in New York preparing to meet the regulator which has branded the U.K. bank a rogue operator that has laundered oil money for Iran.
The bank said on Tuesday that it did not know whether CEO Peter Sands will be called or allowed to participate in hearing called by the New York State Department of Financial Services for Wednesday.
The agency accuses the bank of helping the Iranian government launder $250 billion in nearly 60,000 transactions between 2001 and 2007, violating U.S. sanctions.
The bank has admitted violations on 300 transactions amounting to less than $14 million.
Standard Chartered says it has been co-operating with the state agency and The Federal Reserve, the U.S. Treasury and Justice departments in their investigations.