NEW YORK—Dutch Bank ING has reached a $619 million settlement agreement with U.S. law enforcement officials after an investigation uncovered scores of corrupt financial transactions, according to the Manhattan District Attorney’s Office.
“ING moved billions of dollars through the U.S. financial system on behalf of Cuban and Iranian clients in violation of U.S. sanctions by concealing the illegal nature of these transactions and deceiving U.S. banks into processing illegal wire payments,” a statement from District Attorney Cyrus R. Vance Jr. said.
The Manhattan District Attorney’s Office will receive half of the payment, and distribute it according to state law, while the United States will receive the other half.
“On more than 20,000 occasions, ING intentionally manipulated financial and trade transactions to remove references to Iran, Cuba, and other sanctioned countries and entities,” U.S Attorney for the District of Columbia Ronald C. Machen stated in a release. “Today’s $619 million forfeiture—the largest ever—holds ING accountable for its wrongdoing.”
Certain countries, such as Iran, Cuba, Sudan, and Burma, are restricted from accessing the U.S. banking system, the release explains.
According to the Deferred Prosecution Agreement ING’s illegal transactions took place from the early 1990s through to 2007. The settlement with ING is the result of a two-year investigation by several U.S. authorities.
Deferred Prosecution Agreements have been reached previously with Barclays, Credit Suisse, and Lloyds Bank. The total repayments to the city and state of New York for all of these agreements, including ING’s payment, are approximately $1.8 billion.
