Standard Chartered Falls Most in 24 Years on N.Y. Iran Probe

Accused of money laundering, bank's stock goes south.

Aug. 7 (Bloomberg) -- Standard Chartered Plc fell the most in almost 24 years as an analyst estimated it may face costs of $5.5 billion after being accused of violating U.S. money laundering laws over to its dealings with Iranian banks.

The shares fell 23 percent to 1,132 pence by 10:42 a.m. in London trading, their biggest decline since 1988, the earliest date for which data are available.

The DFS was created in 2011 when New York’s Banking Department and Insurance Department were abolished, with their functions and authority transferred to the new regulator, under Lawsky. The agency has the power to issue regulations, investigate and fine financial services companies. It may also probe alleged criminal activity and refer its findings to the state’s attorney general for prosecution.

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