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Last updated: February 16. 2013 4:14PM - 58 Views

A sign of Standard Chartered bank is seen at its headquarter in the City of London, Tuesday, Aug. 7, 2012. Shares in Standard Chartered PLC dropped sharply on Tuesday as investors reacted to U.S. charges that the bank was involved in laundering money for Iran. The charges against Standard Chartered were a shock for a bank which proudly described itself recently as "boring."  (AP Photo/Sang Tan)
A sign of Standard Chartered bank is seen at its headquarter in the City of London, Tuesday, Aug. 7, 2012. Shares in Standard Chartered PLC dropped sharply on Tuesday as investors reacted to U.S. charges that the bank was involved in laundering money for Iran. The charges against Standard Chartered were a shock for a bank which proudly described itself recently as "boring." (AP Photo/Sang Tan)
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(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.


Associated Press
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