The bank run by the lead non-executive director at the Department of Health, Peter Sands, is facing allegations by the New York State Department of Financial Services that it illegally laundered at least $250bn (£161bn) over a decade on behalf of Iranian clients subject to US sanctions.
Sands joined the board of Standard Chartered plc as group finance director in 2002, and has been group chief executive since 2006. The bank “strongly rejects” the allegations. The Department of Health did not wish to comment.