HSBC and Standard Chartered Reject Iran-Linked Money Laundering Allegations
HSBC and Standard Chartered have rejected suggestions that they played a role in an alleged Iran-linked sanctions-evasion and money-laundering network, after reports connected them and three US banks to a disclosure dispute before a US federal court.
The matter arose from requests for banking records involving HSBC, Standard Chartered, JPMorgan Chase, Citigroup and Bank of New York Mellon. The institutions were asked to provide information potentially relevant to allegations that an Iran-linked network used the international financial system to move multimillion-pound payments. The requests did not amount to criminal charges or findings of misconduct against the banks.
HSBC chairman Brendan Nelson said the bank was not a party to the underlying dispute and had only been approached for information. He said HSBC had found no transaction records corresponding to the request. Standard Chartered likewise rejected any suggestion that it had participated in the alleged activity.
On 13 April, US District Judge Arun Subramanian declined a motion seeking broader disclosure, finding that it went beyond an earlier order and relied on an unsubstantiated account involving different entities. The allegations against the suspected network remain contested, and no court finding cited in the proceedings established wrongdoing by any of the five banks.
The distinction is important for financial-crime reporting: a bank’s receipt of a subpoena or records request identifies it as a potential source of evidence, not necessarily as a suspect or participant.
Sources: South China Morning Post; Payment Expert; Caproasia.
