Standard Chartered money laundering charges

Fining non American banks for mal practice in the US seems to be the new industry in the US, as serious charges are now  levied at UK bank Standard and Chartered, relating to possible Iranian money laundering charges.

The New York State Department of Financial services, is accusing the Bank of processing around £160 billion eminating from financial bodies in Iran, that effectively circumvented the US Iranian sanctions in place at the time, to inhibit Iran's nuclear ambitions.

Standard and Chartered have refuted these charges, disagree with the manner in which the US authorities have presented the evidence and feel that almost 100% of the transactions involved complied with American rules and regs, though there is talk that this could cost them their banking licence in the US.