Industrial Bank of Korea. Photo: Shutterstock.com
As part of a settlement with the U.S. government and New York State, the bank will forfeit $51 million and pay a civil fine of $35 million.
April 21, 2020 at 02:19 PM
1 minute read
The Industrial Bank of Korea, one of South Korea’s largest banks, will pay $86 million to settle U.S. and New York state criminal and civil charges that the bank allowed an illegal transfer of more than $1 billion to Iran that violated U.S. sanctions.
The settlement includes the forfeiture of $51 million, plus a $35 million civil fine to the New York State Department of Financial Services.
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