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NY regulator accuses bank of Iran money laundering

ALBANY, N.Y. (AP) -- New York's financial regulator accuses a London-based bank of scheming with the Iranian government to launder $250 billion.

State Financial Services Superintendent Benjamin Lawsky signed an order that requires Standard Chartered Bank to answer his questions following an investigation.

A request for comment from the bank wasn't immediately returned Monday.

The order claims that for nearly seven years, the bank worked with Iranian-government owned banks and other Iranian entities to hide 60,000 transactions worth $250 billion.

If proven, the scheme would violate state money-laundering laws.