As it is reported that Standard Chartered could be hit with even more penalties from US regulators over claims it violated sanctions against Iran, there are fears that these new investigations will add further pressure on banks not to return to Iran, despite recent US moves to normalise trade relations. The latest move came after the Treasury Department announced last week that Iran had been designated as a state sponsor of terrorism, which would allow American financial institutions and individuals to avoid doing business in Iran.
As it is reported that Standard Chartered could be hit with even more penalties from US regulators over claims it violated sanctions against Iran, there are fears that these new investigations will add further pressure on banks not to return to Iran, despite recent US moves to normalise trade relations. These recent allegations over Standard Chartered could lead to a potential withdrawal of its licence to clear transactions made in dollars, which would be a disaster for the bank.