Netherlands' ING banking and insurance group building is seen in Amsterdam in this file photo. Toussaint Kluiters/REUTERS/File
Dutch Bank Pays Steep Price For Ignoring US Sanctions On Iran And Cuba -- Christian Science Monitor
Dutch bank ING has agreed to pay a record $619 million fine after admitting that it moved money from Iran and Cuba through US banks despite sanctions forbidding the practice.
A major Netherlands bank has agreed to forfeit $619 million as part of a settlement agreement with federal prosecutors investigating a 13-year conspiracy at the bank that helped Cuba and Iran bypass US economic sanctions.
ING Bank, headquartered in Amsterdam, admitted that its executives and employees participated in a scheme that facilitated more than $2 billion in Cuban and Iranian financial transactions via the US banking system despite American laws barring such contacts and commerce.
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My Comment: The executives are lucky that they are not in jail.