ING Bank to Pay $619 Million Fine in Largest Ever US Economic Sanctions Penalty
From Steptoe.com, June 18, 2012
On June 12, 2012, ING Bank, N.V. (ING Bank), a [Dutch] 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 US Department of the Treasury, Office of Foreign Assets Control (OFAC). ING Bank was charged with conspiring to violate US economic sanctions and with violating New York state laws by illegally moving billions of dollars through the US 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 US sanctions violations and related offenses. (more…)