OFAC's Latest Warning To Cos. Doing Business Abroad
June 19, 2012, 12:55 PM EDT
Law360, New York (June 19, 2012, 12:55 PM EDT) -- The U.S. Department of the Treasury’s recent settlement agreement with Dutch-based ING Bank NV, wherein ING agreed to pay $619 million in civil penalties for its role in alleged violations of U.S. sanctions is the largest Office of Foreign Assets Control settlement of any kind in history. This appears to be part of OFAC’s ongoing efforts targeting financial institutions that violate U.S. sanctions.
ING’s Wholesale Banking Division engaged in more than 20,000 financial and trade transactions in violation of U.S. sanctions, according to a June 12,...