The Netherlands: ING settles US criminal conduct sanctions evasion case

ING Bank agreed to pay $619 million (euro 500 m) to settle charges that it secretly moved billions of dollars through the U.S. financial system on behalf of Cuban and Iranian customers, in violation of U.S. sanctions.

The US Treasury Department also said ING intentionally deleted information about thousands of transactions that would have linked the money to sanctioned parties.

ING agreed not to contest the charges and accepted responsibility for their criminal conduct, the Justice Department said. ING stated it  had strengthened its global risk controls since the problems were discovered.

EU-Digest