Michael Gormley, The Associated Press  Aug 07, 2012 01:54:00 AM

ALBANY, N.Y. – A British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007, leaving the United States’ financial system “vulnerable to terrorists,” New York’s financial regulator charged Monday.

In a statement released Monday night, Standard Chartered Bank said it “strongly rejects” and “contests” the New York regulators’ portrayal of its transactions with Iranian banks. It said it voluntarily began reviewing the transactions since 2010 with U.S. regulators and the findings don’t match the accusations levelled at the bank Monday.

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