Standard Chartered PLC Chief Executive Officer Peter Sands denied a New York regulator's claims the lender broke U.S. anti money-laundering rules, and challenged the accuracy of the watchdog's report.
Standard Chartered has slumped about 15 percent in London trading this week after New York's regulator Benjamin Lawsky threatened to strip the bank of its license to operate in he state, alleging it processed $250 billion of deals with Iranian banks subject to U.S. sanctions.
"We reject the position and portrayal of facts by the Department of Financial Services," Sands said on a conference call with reporters today, his first public comments since the findings were published on Aug. 6. "The bank throughout this period has always tried to comply with U.S. sanctions."
Sands, 50, said that while there nothing wrong with the bank's culture, the investigation has been "very damaging" to the British lender's brand. He added that none of the transactions reviewed by the bank were linked to terrorist organizations.