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Pending Sanctions Penalty Against ‘Mainstream’ Foreign Bank Has Industry Guessing
By Brian Monroe
printWord that a large penalty against a foreign bank committing sanctions violations is set to be announced is stoking more than just concern among other financial institutions. It's stoking rumor. Manhattan District Attorney Robert Morgenthau has dropped hints to various media agencies over the past two weeks that his office will announce a deferred prosecution with the unnamed bank as late as mid-October. The fine is widely expected to rival the $350 million penalty paid by London-based Lloyds TSB in January for hiding transactions with Iran. In interviews and speeches Morgenthau has said that it's a mainstream foreign bank with...
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