Standard Chartered Bank is the latest bank to become embroiled in a global banking scandal with accusations that it hid more than US$250 billion (US$1=W1,129) in transactions with Iran for more than seven years.

New York's top financial regulator said Monday that the British bank worked with Tehran to hide roughly 60 thousand transactions with Iranian banks that are subject to U.S. economic sanctions and allegedly earned hundreds of millions of dollars in fees.

A high-level official from New York's department of financial services warned the bank could lose its license to operate in the state.