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US authorities are investigating ING for allegedly doing business with countries such as Cuba and Iran in violation of counter-terrorism laws.The Miami Herald reports that fines can reach up to “several hundred million dollars.”
The Office of Foreign Assets Control forced the same bank to break up a joint venture with the Cuban government in 2006.
Barclays was charged last year for doing business in Cuba, Iran, Libya, Sudan, and Myanmar. That case settled for $298 million. Another recent case settled for $538 million.
The State Department names Syria, Sudan, Cuba, and Iran as state sponsors of terrorism. Post 9-11 terrorism finance laws made it illegal for non-US banks that operate in US from the also operating in states.