ING To Pay $619M Over Illegal Cuba, Iran Transactions

Law360, New York (June 12, 2012, 2:39 PM EDT) -- ING Bank NV has agreed to pay $619 million to settle charges that it illegally moved more than $2 billion through the U.S. financial system on behalf of sanctioned Iranian and Cuban clients, the stiffest fine ever imposed on a bank for violating U.S. sanctions, authorities said Tuesday.

The Amsterdam-based bank copped to knowingly and willfully conspiring to violate the International Emergency Economic Powers Act and the Trading with the Enemy Act in a deferred prosecution deal with federal and New York prosecutors. A criminal information...
To view the full article, register now.