The company in question allegedly provided banking services to a Chinese company, according to reports.It was importing goods from two Iranian firms that were under US sanctions. The leaked transactions indicate that these services were provided.

Standard Chartered, a banking corporation listed on the London Stock Exchange, primarily operates in emerging markets overseas. The company’s presence in these markets includes Asia, Africa, and the Middle East. Where it offers a range of financial services to individuals, businesses, and institutions. With a history dating back over 150 years, Standard Chartered has built a reputation as a leading player in these markets. With a focus on sustainable growth and responsible banking practices.

Two British high street banks reportedly provided accounts to front companies secretly owned by an Iranian oil group that was facing sanctions imposed by the United States. According to an analysis of leaked transaction data, Standard Chartered provided banking services to a Chinese company. It was importing goods from two US-sanctioned Iranian firms, Arak Petrochemical Company and Bandar Imam Petrochemical Company. Another British bank may have conducted trades with Iranian petrochemical companies, according to these findings.

On Monday, The Financial Times published a report stating that two prominent banks, Lloyds and Santander. These companies had allegedly provided bank accounts to Iranian front companies. The state-controlled Petrochemical Commercial Company (PCC) links these companies. The PCC is part of a larger network that the United States has accused of raising hundreds of millions of dollars for the Iranian Revolutionary Guards Quds Force. It is considered a terrorist organization by the US government. These banks may potentially violate sanctions and engage in money laundering activities, as highlighted by the report.