ING to pay $619 million over Cuba, Iran sanctions

[Eugene]

Source: Reuters

By Karen Freifeld
NEW YORK | Tue Jun 12, 2012 4:10pm EDT

(Reuters) - ING Bank NV (ING.AS) agreed to pay $619 million to settle U.S. government allegations that it violated U.S. sanctions against Cuba, Iran and other countries. It was the biggest ever fine against a bank for sanctions violations, officials said.

U.S. authorities said ING moved $1.6 billion illegally through banks in the United States from the early 1990s through 2007 by concealing the nature of the transactions.

ING eliminated payment data that would have revealed the involvement of sanctioned countries and entities, according to authorities. The bank also told clients how to evade computer filters designed to prevent sanctioned entities from gaining access to the U.S. banking system. And it provided U.S. finance services to sanctioned entities through shell companies and misuse of an internal ING account.

Amsterdam-based ING said in a statement its banking unit took a provision in the first quarter to cover the penalty, and that it had taken steps to improve its compliance. It closed its representative office in Cuba in 2007 and terminated its relationships with sanctioned banks.

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Read more: http://www.reuters.com/article/2012/06/12/us-ing-sanctions-idUSBRE85B19Y20120612

[TheWraith]

1. But but but, I thought Obama was the bankers' best friend!

[onethatcares]

2. so they launder 1.6 billion dollars and get a

619 million dollar fine.

Is that why they only pay 1.3% on their basic savings for suckers plan?

[RUMMYisFROSTED]

5. Loose lips sink ships.

[muriel_volestrangler]

6. They didn't steal anything

They (a Dutch company) traded with Cuba and Iran, and hid it from the American government, even though it was going through American systems.

A lot of DUers (and others) think the sanctions against Cuba are unjustified, if not cruel. Iran is also traded with by many 'neutral' countries such as India.

This is a political fine. You may be in favour of the economic sanctions against both countries, but don't call this 'stealing'; it was a way to get round the international political actions against Cuba and Iran.

[dipsydoodle]

8. Thanks

Its generally speaking only our cousins who seem to have somewhat less than a clue as to what the actual subject is here and that as such nothing was stolen.

[Swede Atlanta]

4. There is no jail time if you are rich.....

You just pay a few hundred million of your investors' money and the board of directors and executives probably get big bonuses!!!!