The charges unsealed in federal court in Manhattan reflect those against one of Halkbank's former executives, Mehmet Hakan Atilla, who was found guilty and sentenced to prison after a trial in the same court past year.
"These were filed as part of the sanctions introduced against our country by the U.S. government in response to Operation Peace Spring, heroically launched by the Turkish army to secure our borders and establish peace in the region", Halkbank said of the incursion now in its eighth day.
The alleged scheme, which ran between 2012 and 2016, allowed Iran to spend proceeds from sales of its oil and gas on global markets - in violation of USA sanctions - using a complex web of front companies.
Several months after the trial of the senior Halkbank executive ended, USA officials began negotiating a potential penalty with the bank.
The charges in a USA district court in NY, which further strains ties between the North Atlantic Treaty Organisation allies, alleges Turkey's second-largest state bank conducted fraud, money laundering, and other sanctions offences.
According to the indictment, high-ranking government officials in Iran and Turkey were also involved and bribes worth tens of millions of dollars paid to promote the scheme, protect the participants and shield them from the scrutiny of U.S. regulators.
Eventually, Turkish officials criticized United States prosecutors as they began a trial of Mehmet Hakkan Atilla, a Halkbank official.
Turkish President Recep Tayyip Erdogan on Wednesday described a US indictment against Turkey's state-run Halkbank as "unlawful" and "ugly".
From there, the funds were used to make global payments on behalf of the Government of Iran and Iranian banks, including transfers in USA dollars that passed through the US financial system in violation of US sanctions laws.
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Zarrab, a dual Turkish-Iranian national, struck a deal with prosecutors to cooperate and avoid trial, however. Selling shares in the banks only to buy them later in the session was also banned, authorities said.
Halkbank stock nonetheless fell as much as 7.2 percent at the open and was down 4.8 percent at 0939 GMT.
Relations between Turkey and the United States have been especially tense in recent weeks.
Tougher sanctions have been threatened if Turkey refuses to halt the violence in northeastern Syria.
The Kurdish YPG, which spearheaded the US -backed Syrian Democratic Forces, was a main USA ally in the fight against Islamic State.
The case has been a regular subject of discussion between Washington and Ankara.
A banking analyst who declined to be named said the Halkbank case "has always been on the table as political leverage". The lira lost almost 30% against the dollar a year ago.
Assistant Attorney General for National Security, John C. Demers, called the crimes one of the most serious Iran sanctions violations his office has seen.
Sadrettin Bagci, another bank analyst, at Deniz Yatirim, said Halkbank had the ability to absorb a possible fine of between $1.3 to $2.3 billion, depending on the capital measurement.