New York’s Department of Financial Services, under the authority of Benjamin Lawsky, has leveled a series of charges against Standard Chartered Bank, accusing it of working with Iran on 60,000 secret transactions involving $250 billion in funds. This violates federal law and international tracking of financing suspected in terrorism cases. DFS also found transactions between SCB and other countries previously restricted from bank transactions by the US, including Libya, Myanmar and Sudan. So what did federal regulators know and do about this?