ALBANY, N.Y. – Standard Chartered Bank has agreed to pay $327 million to settle federal and New York charges it laundered money on behalf of four countries that were subject to U.S. economic sanctions from 2001 through 2007.

Federal authorities said the settlement announced Monday was part of a deferred prosecution agreement with the Justice Department and Manhattan district attorney. The deal covers currency transactions made at the British bank's New York branch for Iranian, Sudanese, Libyan and Burmese entities that were concealed from regulators. The London-based bank also has settled with the Treasury Department's Office of Foreign Assets Control and the Federal Reserve.

"For years, Standard Chartered Bank deliberately violated U.S. laws governing transactions involving Sudan, Iran and other countries subject to U.S. sanctions," said Assistant U.S. Attorney General Lanny Breuer. "The United States expects a minimum standard of behavior from all financial institutions that enjoy the benefits of the U.S. financial system. Standard Chartered's conduct was flagrant and unacceptable."