Standard Chartered Bank will pay $327 million under a deferred prosecution agreement over the bank’s removal of information relating to transactions worth more than $200 million on behalf of Iranian and Sudanese clients, the Manhattan District Attorney’s office and U.S. Department of Justice announced yesterday.

The British bank is paying the forfeitures and penalties in connection to its practice from 2001 to 2007 of “stripping”—removing information that would have indicated the source of payments from a sanctioned country or entity that would otherwise have been blocked due to federal regulations.

Standard Chartered will forfeit $227 million and pay a $100 million civil monetary penalty as a result of the joint state and federal investigation.

Lanny Breuer, assistant attorney general for the Criminal Division of the U.S. Department of Justice called Standard Chartered’s conduct “flagrant and unacceptable” in a statement.

“For years, Standard Chartered Bank deliberately violated U.S. laws governing transactions involving Sudan, Iran, and other countries subject to U.S. sanctions,” Breuer said.

Manhattan District Attorney Cyrus Vance, Jr. said in a statement, “Investigations of financial institutions, businesses and individuals who violate U.S. sanctions by misusing banks in New York are vitally important to national security and the integrity of our banking system. Banks occupy positions of trust. It is a bedrock principle that they must deal honestly with their regulators. My Office will accept nothing less.”