NEW YORK, June 12 ING Bank NV agreed to pay $619 million to settle allegations that it violated rules against conducting business on behalf of Cuban and Iranian clients in U.S. financial markets.
The Dutch bank entered into deferred prosecution agreements with the U.S. Justice Department and Manhattan District Attorney, according to court records. U.S. authorities said ING moved billions of dollars illegally through banks in Manhattan from the early 1990s through 2007 by concealing the nature of the transactions.
ING is the fourth major bank to settle with New York and U.S. authorities over "stripping" wire transfer information to hide that they were illegally moving money through banks in New York on behalf of clients subject to U.S. sanctions.
Credit Suisse AG agreed to pay a $536 million fine in 2009 to settle charges. Lloyds TSB Bank Plc ageed to forfeit $350 million that year to settle charges it altered records so clients from Iran, Sudan and other sanctioned countries could do business with the U.S. banking system. Barclays settled in 2010 for $298 million.