Intesa SanPaolo and its Manhattan affiliate must forfeit $235 million to New York for obscuring Iran's involvement in billions of dollars of transactions and "deliberately" concealing potentially incriminating information from state examiners, among other violations. From 2002 to 2006, Intesa's branch in Manhattan unwittingly processed at least $11 billion for Iranian clients at the direction of the bank's operations center in Parma, Italy, because data identifying the true originators and beneficiaries was intentionally omitted from payment instructions attached to the roughly 2,700 transactions, the New York State Department of Financial Services said Wednesday. "More specifically, from 2002 to 2006, Intesa...
Top compliance managers, supervisory board members and senior executives of Italy's fourth largest bank are suspected of willfully violating the nation's rules against illicit finance as part of an alleged conspiracy to enrich themselves at the lender's expense.
The U.S. Federal Reserve on Thursday ordered the New York branch of South Korea's NongHyup Bank to upgrade its anti-money laundering, customer due-diligence and suspicious activity monitoring programs.
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