Photo: AP Images
The Dutch bank ING is shelling out $619 million to settle federal prosecutors’ claims that it illegally moved billions from Iran and Cuba.ING illegally moved $2 billion from Iran and Cuba since the 1990s, all the while taking steps to cover up its tracks, prosecutors said Tuesday.
“Banks that try to skirt U.S. sanctions laws undermine the integrity of our financial system and threaten our national security,” U.S. Attorney Ronald Machen said Tuesday.
“When banks place their loyalty to sanctioned clients above their obligation to follow the law,” he added, “we will hold them accountable.”
The bank went so far as to threaten to punish workers if they failed to help the bank hide references to Iranian and Cuban entities in payment messages, the feds said.
ING said Tuesday that the alleged violations took place only until 2007, and that the bank had changed.
Federal prosecutors’ allegations represent “a very different ING than the company we’re all working so hard for today,” ING said.
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