Washington, United States | AFP |
UniCredit agreed to pay $1.3 billion to settle US allegations it processed payments that violated sanctions on Iran and other countries, the US Treasury Department announced Monday.
Some of the charges concerned UniCredit’s operation of US accounts for the Islamic Republic of Iran Shipping Lines between 2007 and 2011 that obscured the involvement of the Iranian group, the Treasury Department said.
The Italian bank — through units in its home market, Germany and Austria — processed more than 2,000 payments worth more than $500 million in the United States that were apparent violations of US sanctions, the Treasury said.
The sanctions programs targeted proliferators of weapons of mass destruction as well as Burma, Cuba, Libya, Sudan and Syria, according to the Treasury.
“UniCredit Group banks routed transactions through the United States in a non-transparent manner, when those payments would have been blocked or rejected if their true nature had been clear, in violation of multiple sanctions programs,” said Sigal Mandelker, Treasury undersecretary for terrorism and financial intelligence.
The settlement requires the bank to implement internal controls and train staff on compliance with US sanctions law.
© Agence France-Presse