U.S. federal and state authorities have fined one of Europe’s largest banks more than $1.3 billion and forced it to enter a guilty plea for processing hundreds of millions of dollars for blacklisted entities and countries, including Iran – the second such billion-dollar plus settlement in as many weeks.
The U.S. Department of Justice, U.S. Treasury, and state and federal regulators have hit Munich-based UniCredit Bank AG for willfully moving nearly $400 million through the U.S. financial system on behalf of sanctioned entities for more than a decade.
The UniCredit settlement is actually the second hefty sanctions compliance settlement in the last two weeks. Federal and state authorities in the United States and United Kingdom last week levied a penalty of more than $1.1 billion against Standard Chartered, one of London’s largest banks.
(Brian Monroe | ACFCS)
At Hyperproof we are focused on helping organizations the world over safeguard their reputation and protect their brand. We provide organizations with the tools to improve transparency and lower the costs of compliance. We believe compliance is an organization wide activity, not the exclusive remit of compliance and internal audit teams. Identifying situations, like the one above, in advance is critical. Our whistle blowing solution and unique method of broad inclusion helps organizations head-off compliance issues before they become non-compliance fines. Hyperproof – “Simplifying compliance.”