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THE INVESTOR
May 08, 2021

Finance

IBK to pay W100b in penalties over violating US sanctions against Iran

  • PUBLISHED :April 21, 2020 - 16:22
  • UPDATED :April 21, 2020 - 16:22
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The state-run Industrial Bank of Korea agreed to pay $86 million (100 billion won) to the the US authorities in penalties over illegal cash transfer to Iran, the bank said on April 21.

As part of its settlement, IBK will pay $51 million to the US prosecution and $35 million to the New York State Department of Financial Services.
 

IBK headquarters in Seoul (Yonhap)



The US prosecution charged the Korean lender for violating the anti-money laundering laws in 2014. One of its clients illegally transferred more than $1 billion to the Iranian government at the bank’s New York branch since 2011, according to the officials.

“IBK‘s branch in New York failed to report illegal payments to Iranian entities, as the bank failed to institute an effective anti-money laundering program,” said Geoffrey S. Berman, the U.S. Attorney for the Southern District of New York.

In line with the agreement, the US government has agreed to defer prosecution for two years after which time the U.S. government will seek to dismiss the charges, he added.

By Choi Jae-hee (cjh@heraldcorp.com)



#Cap

(Yonhap)

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