ING Bank has reached a USD 619 million settlement with the US Treasury Department to avoid potential prosecution for allegedly facilitating billions of dollars' worth of payments to Cuban and Iranian customers. US sanction laws prohibit such transactions. US authorities alleged that ING deliberately removed information in respect of thousands of transactions that could link the bank to parties in Cuba, Iran and a number of other countries covered by US sanctions.
According to ING's press statement, ING cooperated closely with supervisory and other authorities during the investigations. The bank had also initiated its own internal investigation before US authorities started asking questions. Following the investigation, ING discontinued its Cuban activities and closed the Netherlands Caribbean Bank. In addition, a team was set up aimed at preventing and detecting money laundering and financing of terrorism.
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