US fines Netherlands for Iranian remittance

 

ING, a bank in Netherlands, will pay $600 million as a fine for violating sanctions against Iran, RBC reports.

The US Justice Department said that the bank transferred $1.6 billion illegally through US banks to blacklisted clients, including Cuba and Iran. ING did not give information on the transfer.

The bank admitted the violation. It is the fourth bank violating the sanctions.

 

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