Benjamin Lawsky, the superintendent of the New York State Department of Financial Services,
A little known state regulator came out with some very serious allegations yesterday against a U.K.-based bank.
The New York Department of Financial Services alleged that Standard Chartered bank helped facilitate hundreds of billions of dollars worth of transactions for Iran, which is currently sanctions by the U.S., and now it could lose its banking license in the state.
We haven’t really heard much about NYDFS until now, but the state regulator has certainly put itself on the map in a big way yesterday.
Read More: Businessinsider