The U.S. Treasury Department suspected two South Korean state-owned banks knowingly violated U.S. sanctions against Iran before a global nuclear accord with the Islamic Republic took effect, court transcripts show.
The New York State Department of Financial Services issued a consent order and imposed a fine of $35 million against the Seoul, South Korea-based bank and its New York branch for Bank Secrecy Act-related failures, including deficiencies in its transaction monitoring systems.
April 20, 2020