ING agrees to forfeit $619 million

Amsterdam-based ING Bank N.V. agreed Tuesday to forfeit $619 million to the Justice Department and the New York County District Attorney´s Office for conspiring to illegally move billions of dollars through the U.S. financial system on behalf of sanctioned Cuban and Iranian entities.

It is the largest ever forfeiture against a bank in connection with an investigation into U.S. sanctions violations.

Assistant Attorney General Lisa Monaco, who heads the Justice Department's National Security Division, said the bank “knowingly and willfully” conspired to violate the International Emergency Economic Powers Act (IEEPA), the Trading With the Enemy Act (TWEA) and New York state laws.

According to a criminal information filed in U.S. District Court in Washington, ING Bank waived a federal indictment, agreed to the filing of the information and accepted responsibility for its criminal conduct and that of its employees.

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