U.S. Investigation of ING May Lead to Fines

Amsterdam-based bancassurer ING Group NV confirmed that it could face "significant" fines due to a U.S. investigation of its business operations in countries that are under sanctions by U.S. authorities, such as Iran and Cuba.

U.S. economic sanctions and export controls imposed on Cuba, Iran, Sudan and Syria, which the U.S. views as state sponsors of terrorism, restrict companies from doing business there.

An ING spokesman, quoted in Reuters, said the company didn’t know how the investigations in the U.S. will pan out and cannot estimate what the fines, if any, will be. “Fines could be significant. We are cooperating fully with U.S. authorities," said the ING spokesman.

Citing a source close to the Dutch bank, Dutch daily Het Financieele Dagblad, reported that the fines could amount to several hundred million dollars.

In its 2010 annual report, published in March, ING noted that it was in discussions with several U.S. authorities, including the Office of Foreign Asset Control, the U.S. Department of Justice and the New York County District Attorney's Office, and that the company may face significant fines as a result of the discussions

 

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