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ING Bank has reached a USD 619 million settlement with the US Treasury Department to avoid potential prosecution for allegedly facilitating billions of dollars' worth of payments to Cuban and Iranian customers.
ING Bank has reached a USD 619 million settlement with the US
Treasury Department to avoid potential prosecution for allegedly
facilitating billions of dollars' worth of payments to Cuban
and Iranian customers. US sanction laws prohibit such transactions.
US authorities alleged that ING deliberately removed information in
respect of thousands of transactions that could link the bank to
parties in Cuba, Iran and a number of other countries covered by US
sanctions.
According to ING's press statement, ING cooperated closely
with supervisory and other authorities during the investigations.
The bank had also initiated its own internal investigation before
US authorities started asking questions. Following the
investigation, ING discontinued its Cuban activities and closed the
Netherlands Caribbean Bank. In addition, a team was set up aimed at
preventing and detecting money laundering and financing of
terrorism.
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