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Treasury Department hits ING Bank with record $619 million fine for violating sanctions
The Treasury Department on Tuesday announced a record $619 million settlement with ING Bank of The Netherlands for violating sanctions against several blacklisted countries.
The bank is accused of “intentional manipulation” and “deletion of information” in more than 20,000 financial and trade transactions routed through third-party banks located in the United States between 2002 and 2007. The sanctioned countries include Cuba, Iran, Burma, Libya and Sudan.
“This huge settlement sends an unequivocal message that companies which break U.S. law and conduct business with sanctioned countries will be found out and severely penalized,” Rep. Ileana Ros-Lehtinen (R-Fla.), chairwoman of the House Foreign Affairs Committee, said in a statement. “I congratulate the hard working personnel at the Treasury Department for their stellar work in enforcing our sanctions laws.”
