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British Bank Faces Suspension over Iran Transactions
(Bloomberg-Washington Post) Greg Farrel - The London-based bank Standard Chartered Plc conducted $250 billion worth of transactions with Iranian entities over more than seven years in violation of federal money laundering laws, a New York regulator said in an order warning that its U.S. unit may be suspended from doing business. The bank earned hundreds of millions of dollars in fees for handling transactions on behalf of Iranian institutions that are subject to U.S. economic sanctions.