First it was HSBC, which was fined $1 billion for knowingly looking the other way on transactions involving Iran.
Then it was Standard Chartered, which was fined $340 million.
Now it’s Deutsche Bank’s turn.
Can we now say that the Shariah Finance promoters COMMONLY do business with terrorist regimes in violation of US sanctions?
And tell us why, again, we should trust these scoundrels when they insist there is no threat from Shariah-Compliant Finance?
You may well be right, but I’m not convinced yet whether these cases show more about the deficiency of the banks or the deficiency of the Iran sanctions regime in general.
As for Standard Chartered, I think NY’s financial regulator may have overreached, and the bank settled to put it behind them.
HSBC seemed to be the far greater offender.