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. The alleged violations involve transactions linked to sanctions against Cuba and Iran, according to sources familiar with an ongoing investigation by the department's Office of Foreign Asset Controls (OFAC). The Amsterdam-based bank, which first disclosed the probe in a 2010 regulatory filing, did not state which sanctions were purportedly violated. "They facilitated payments between some Dutch front companies that did some business in Iran involving aircraft parts that were built...
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
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