The bank were involved in discussions with the club about events on Saturday when Suarez refused to shake the hand of Patrice Evra, the man he was found guilty of racially abusing.
But the Reds insist it was they and not Standard Chartered who decided to take the decisive action in the form of three statements from Suarez, manager Kenny Dalglish and managing director Ian Ayre.
"Ian Ayre kept Standard Chartered fully informed of developments over the course of the weekend," said a statement from Liverpool. "The actions the club decided to take on Sunday were supported by Standard Chartered."
Source: PA