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Federal prosecutors and New York regulators fined Industrial Bank of Korea $86 million after accusing the lender's correspondent branch of using Excel spread sheets to monitor transactions and failing to catch a $1 billion Iranian sanctions evasion scheme in 2011. In a 32-page deferred prosecution agreement released Monday, the U.S. Attorney's Office for the Southern District of New York also found that the lender, South Korea's sixth-largest by assets, did not report the first 20 of 88 total illicit transactions to federal authorities until five months after handling them. The one SAR disclosed by prosecutors covered just $10 million—or roughly...