The news reports are interesting, with allegations of “wire stripping” – the practice of deliberately removing electronic identification from the transaction to hide it from regulatory scrutiny.

The US regulator has called the bank a “rogue institution” suggesting it deliberately evaded reporting and detection on over 60,000 transactions between the US and Iran, which are prohibited by the US Government.  The accusations include “laundering” over $250 billion dollars between 2001 and 2007.

The Bank, under threat of revocation of its license, has agreed to pay a $340M fine, and to have monitors located on its NY branch premises.