This comes from the New York State Department report on Standard Chartered Bank (SCB):
SCB intentionally withheld material information from New York and Federal regulators in its effort to service Iranian Clients. SCB carefully planned its deception and was apparently aided by its consultant Deloitte & Touche, LLP (“D&T”), which intentionally omitted critical information in its “independent report” to regulators.
This ongoing misconduct was especially egregious because — during a key period between 2004 and 2007 — SCB‟s New York branch was subject to a formal supervisory action by the Department and the Federal Reserve Bank of New York (“FRBNY”) for other regulatory compliance failures involving the Bank Secrecy Act (BSA”), anti-money laundering policies and procedures (“AML”), and OFAC regulations.
In short, SCB operated as a rogue institution.
Unfortunately it was not alone.
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Whilst I know the New York regulator quotes the emails that best support their case, there are some dreadful looking ones in the report which it will be difficult to explain away. Also, the report does not name names but the job titles indicate that the SCB and DT people involved were not junior.
Indeed
There appears to be a parallel here with events in the 1930s, leading up to WW2. Although the events escaped our history books, they did not escape our financial archives and records show that Hitler and the Nazis were financed through Schroders with the co-operation of BoE and BIS.
Before WW1 the conduits were Warburgs and Kuhn Loeb.
The international bankers and arms industry maximise their profits by funding both sides of a conflict and maybe this situation is being repeated.
That is why it is high time an important institution such as banking was nationalised in the public interest!
Until banking is controlled and tightly regulated, nothing is going to change!