British bank Standard Chartered Plc will pay $340 million to settle allegations that it hid $250 billion in transactions tied to Iran. New York�s top regulator also said Tuesday that the bank agreed to install a monitor for at least two years to evaluate its money-laundering risk, Reuters and The Associated Press reported.

The New York Department of Financial Services had claimed that Standard Chartered illegally colluded with Iran�s government to hide close to 60,000 secret transactions from law enforcement officials from 2001 to 2007. The agency claimed the �rogue institution� exposed the U.S. banking system to threats from terrorists, drug traffickers and corrupts states. Standard Chartered said it �strongly” rejected the regulators� claims, the AP reported. It was 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.

READ MORE: NBC NEW YORK