| NEW YORK, June 12
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
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.