New York's top bank regulator threatened to strip Standard Chartered Plc. of its state banking license Monday, alleging the British bank hid $250 billion in transactions tied to Iran, allegations the bank strongly denies. According to the Department of Financial Services, Standard Chartered colluded with the Iranian government and hid close to 60,000 secret transactions from law enforcement officials, which is in violation of U.S. Law. The transactions generated hundreds of millions of dollars, and further exposed the U.S. banking system to threats such as terrorists, drug traffickers and corrupt states. In a statement, Standard Chartered denied the claims, saying the bank does "not believe the ordered issued by the DFS presents a full and accurate picture of the facts." Standard Chartered is the third British bank to get embroiled in U.S. law enforcement probes this summer. In June, Barclays Plc. paid $453 million to settle U.S. and U.K. probes that it rigged a global lending benchmark. A month later, HSBC Holding Plc. was subject to a scathing report from the U.S. Senate, which criticized the bank's efforts to monitor suspect transactions.