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ING Group

ING Group

Industry: 
Financial Services
Value of USG Contracts: 
11
Symbol: 
NYSE:ING
States: 
AZ
CA
CT
DE
GA
KS
MN
NJ
NY
NC
PA
TX
VA
WI
Country: 
Netherlands
Contact Information: 
Sources: 

"Since 2009, the Justice Department, the Treasury Department and the Manhattan district attorney’s office, working largely in concert, have brought charges against five foreign banks, contending they moved billions of dollars through their American subsidiaries on behalf of Iran, Cuba and North Korea, sponsors of terrorism and drug cartels. The cases against the five banks all included deferred prosecution agreements and required the banks — ABN AmroBarclaysCredit SuisseLloyds and most recently ING — to forfeit a substantial amount of assets. The cases typically have not involved United States banks. Unlike foreign institutions, American banks were prohibited from originating or receiving such transactions from Iran. That enabled them to largely sidestep the conduct that has helped ensnare foreign banks." (New York Times, "Deutsche Bank’s Business With Sanctioned Nations Under Scrutiny," 8/17/12)

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"ING Bank [a subsidiary of ING Group,] has agreed to pay a record penalty of $619 million for illegally moving billions of dollars through the U.S. banking system on behalf of Cuban and Iranian clients and threatening to fire employees if they failed to conceal the origin of the money . . . the bank, a unit of ING Groep NV, one of the Netherlands largest banks, used a system to 'strip,' or delete, references to Cuba and Iran and, through more than 20,000 separate transactions, successfully moved more than $2 billion through the U.S. financial system . . . [ING] engaged in transactions with Iran's central bank and state-owned National Iranian Oil Co."  (Wall Street Journal, "ING Fined a Record Amount," 6/12/12)

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Noted for conducting business with Iranian banks. (Avi Jorisch, "Iran's dirty banking," 2010)

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"Dutch bancassurer ING Group NV repeated that it could face 'significant' fines due to a U.S. investigation of operations in countries which are under sanctions by U.S. authorities, such as Iran and Cuba. The United States imposes economic sanctions and export controls on Cuba, Iran, Sudan and Syria, viewing them as state sponsors of terrorism and limiting the scope for companies to do business there... A U.S. judge last August approved a $298 million settlement by British bank Barclays Plc over charges that it had violated U.S. trade sanctions by doing deals in Cuba, Iran, Libya, Sudan and Myanmar."(Reuters, "ING says could face fines following U.S. investigation," 7/27/10) 

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from the internet in July of 2007)

Response: 

No response at this time.