In a once-sleepy corner of the U.S. Department of the Treasury, regulation of overseas conduct is going strong. In June two European banks filed record settlements with regulators, replete with embarrassing emails, and prayed that the story would quickly go away. The Barclays rate-manipulation scandal is still raging, while the murmur over ING Bank’s $619 million settlement for evading U.S. sanctions on Cuba and Iran truly lasted only a day.
ING is just the latest in a wave of sanction-busting deals that have cost European banks $2.5 billion since 2009. It underscores the new power of the Treasury Department’s Office of Foreign Assets Control, which in 2008 levied only $3.5 million in penalties.
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