Law360 (December 20, 2005, 12:00 AM EST) -- In one of the highest penalties ever imposed on a bank, federal prosecutors have fined Dutch bank ABN Amro Bank NV $80 million for money-laundering and violating federal restrictions on deals with Iran and Libya.
The fine comes as the result of an investigation into money lending institutions that do business with countries suspected of funding terrorism.
The investigation centered on transactions carried out by the Dubai branch of the bank that took place between 1997 and 2004.
Regulators alleged that ABN Amro falsified payments recorded at its U.S. branches to camouflage transactions with Bank Melli Iran and the Arab Bank...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!