ING pays high price for long-term OFAC circumvention

ING Bank has paid US$619m under a deferred prosecution agreement (DPA) for systematically violating US sanctions from the early 1990s to 2007. [1] The Dutch bank breached Office of Foreign Assets Control (OFAC) regulations and New York State law by disguising the identities of clients from Cuba, Iran, Sudan and other sanctioned countries on US dollar wire transfers; records of US financial institutions were falsified as a result.