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OFAC slaps record setting $619 million civil penalty on ING Bank, N.V.

  • Wiley Rein LLP
  • -
  • USA
  • -
  • June 21 2012

On June 11, 2012, the Department of the Treasury's Office of Foreign Assets Control (OFAC) entered into a $619 million settlement agreement with ING Bank, N.V. (ING) for violating U.S. sanctions concerning Cuba, Iran, Sudan, Burma, and Libya