On Aug 6, New York's Department of Financial Services said that Standard Chartered, the London-based bank that dominates Asia, Africa, and the Middle East, had violated US economic sanctions by collecting hundreds of millions of dollars in fees for handling $250 billion in transactions for Iranian institutions. As a result, the bank's US unit -- which totes up $41 billion of the company's overall $624 billion in assets -- may be suspended from doing business in the Empire State. Standard Chartered responded in a statement that 99.9% of its transactions with Iran complied with US Treasury regulations and that the total value of non-compliant transactions was around $14 million. The bank said it strongly rejects the position and portrayal of facts made by the New York regulator.