According to regulators, evidence has been uncovered that U.K.-based Standard Chartered took in hundreds of millions of dollars in fees by moving $250 billion through its New York operation on behalf of state-owned banks in Iran. The bank allegedly conducted roughly 60,000 secret transactions for almost 10 years. The activity “left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes, and deprived law enforcement investigators of crucial information used to track all manner of criminal activity,” said the New York State Department of Financial Services and Superintendent Benjamin Lawsky. The Department of Financial Services could revoke Standard Chartered’s license to operate in New York and its U.S. dollar clearing license. The bank will also have to pay for an “independent, on-premises monitor” to ensure compliance in transferring international funds.