A British bank has been accused of flouting U.S. money-laundering laws by helping Iran hide at least $250 billion from regulators over the last decade, operating as a "rogue institution," according to a New York state regulatory report.

New York's Department of Financial Services issued a lengthy report Monday that found that a branch of Standard Chartered repeatedly helped the Iranian government skirt sanctions by steering funds through its New York branch across roughly 60,000 transactions, and could have its license to operate in New York revoked.

The bank's actions "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," according to the regulator.......{story continues}