A Dutch bank has agreed to pay $619 million to settle claims that it intentionally helped move more than $2 billion through the U.S. financial system in violation of sanctions against Cuba and Iran. Between the early 1990s and 2007, Amsterdam-based ING Bank, N.V. violated U.S. and New York laws by disguising the role of Cuban and Iranian clients in transactions processed through branches in Curacao, Belgium, France, Romania and the Netherlands, according to deferred prosecution agreements signed with the U.S. Justice Department and the Manhattan District Attorney's Office. The settlement-the largest ever of its kind-has already cost the bank...
Among the toasts at Adam Kaufmann's "retirement" party last week was one by a speaker who credited him with turning a bounced check into more than a billion dollars in penalties that have been shared by the city and state of New York over the past four years.
The United Kingdom could begin using a powerful prosecutorial tool as early as next year in investigations of financial institutions suspected of facilitating money laundering and sanctions violations.
ING Groep N.V. has set aside 370 million euros to settle charges with the U.S. Treasury Department that its commercial banking unit violated sanctions laws, the financial institution disclosed Wednesday.