ING Bank Pays $619M For Working With Cuba, Iran

By  |  June 18, 2012
 | 

ING Bank will pay the U.S. Justice Department and New York County District Attorney’s Office a combined $619 million for violations of U.S. law related to its dealings with Cuba and Iran, Finextra reports.

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    In violation of the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA), ING moved billions of dollars through U.S. financial institutions on behalf of sanctioned entities in those nations, the report says.

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