The UK banking giant Standard Charter is now fighting back against allegations made by the New York State Department of Financial Services that they helped Iran avoid American sanctions by hiding $250 billion worth of transactions over nearly 10 years.
Standard Chartered CEO Peter Sands made his first public comments since the allegations arose on Monday.
"This was clearly wrong and we are sorry that they happened," Sands said.
While the bank claims there was no attempt to "circumvent sanctions" it admits some of its transactions did break us sanctions -but only 14 million dollars worth.
This is not the first time a British bank has been in trouble with the United States. In July, a Senate panel accused HSBC of by-passing sanctions by laundering money for Mexican drug cartels with financial ties to Saudi Arabia and Iran.
How is this affecting our relationship with our closest ally?
OutFront tonight: Elise Labott, Foreign Affairs Correspondent
What is Standard Chartered accused of?
Standard Chartered, a British banking giant, is accused of helping Iran avoid American sanctions by concealing $250 billion worth of transactions over nearly 10 years, according to banking regulators in New York.
The New York State Department of Financial Services Monday accused the London-based banking group of concealing 60,000 transactions with Iranian clients, including the Central Bank of Iran, from 2001 to 2010. The department says there is also evidence of similar schemes to conduct business with other U.S.-sanctioned countries such as Libya, Myanmar and Sudan.