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Expert Analysis

A Closer Look At ING's $619M Settlement

Law360, New York (July 3, 2012, 12:25 PM EDT) -- On June 12, 2012, ING Bank NV, a Netherlands-based financial institution, agreed to forfeit $619 million to settle criminal charges brought by the United States and the state of New York and civil claims raised by the U.S. Department of the Treasury, Office of Foreign Assets Control. ING Bank was charged with conspiring to violate U.S. economic sanctions and with violating New York state laws by illegally moving billions of dollars through the U.S. financial system on behalf of Cuban and Iranian entities. The $619 million fine is the largest ever against a financial institution in connection with an investigation into U.S. sanctions violations and related offenses....

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