ANZ To Pay US $6M Over Sudan, Cuba Transactions

Law360, New York (August 25, 2009, 6:05 PM EDT) -- Australia and New Zealand Banking Group Ltd. will pay $5.75 million to settle a suit brought by the U.S. Department of the Treasury against the bank for allegedly violating U.S. economic sanctions against Sudan and Cuba.

The case involves 31 trade finance transactions the Melbourne, Australia-based bank processed between 2004 and 2006 through U.S. correspondent accounts involving parties in those two countries, the Treasury Department said Monday.

The Treasury Department's Office of Foreign Assets Control accused ANZ of manipulating messages related to the Sudanese transactions by...
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