HSBC, StanChart inadvertently involved in Iranian money-laundering: The Daily Telegraph

HSBC (0005) and Standard Chartered (2888) are facing allegations of links to Iranian money-laundering, according to a report by UK’s The Daily Telegraph. 

The report said the two British banks are alleged to have unknowingly processed transactions potentially linked to Iran’s sanctions evasion, involving millions of pounds. 

A US court has also ordered JPMorgan Chase, Citigroup, Bank of New York Mellon, in addition to the two UK lenders to hand over transaction records for investigation, it said. 

The report added that the allegations emerged as the White House warned it would penalize any “foreign financial institutions” supporting Iran, putting major UK banks under scrutiny over potential links to money-laundering activities involving Tehran.