Finance

Finance

ING agrees to pay $619 million penalty in U.S.

13 June 2012 07:41 (UTC +04:00)

Baku - APA-Economics. Dutch bank ING Bank NV will pay $619 million to settle charges that it secretly moved billions of dollars through the U.S. financial system on behalf of Cuban and Iranian customers, in violation of U.S. sanctions, APA reports citing BBC.

ING intentionally deleted information about thousands of transactions that would have linked the money to sanctioned parties in Cuba, Iran and other countries, the Treasury Department said Tuesday. ING appears to have routed about $1.6 billion illegally through U.S. banks, Treasury said. The actions occurred within ING’s wholesale banking division, which executes transactions for other financial firms and helps them with financing.

ING was charged with one count of knowingly and wilfully conspiring to violate two major sanctions laws, the International Emergency Economic Powers Act, which allows the president to regulate commerce in response to foreign threats; and the Trading with the Enemy Act, which restricts trade with Cuba.