There are inherent risks in doing business with an international criminal organization such as the Castro regime. I am sure Dutch bank ING took those risks into consideration, and I am also sure they honestly thought they would never get caught.
US could sanction Dutch bank for doing business with terror sponsors
U.S. authorities are investigating a leading Dutch bank for alleged dealings with countries under trade sanctions, such as Cuba and Iran, that could draw a fine of “several hundred million” dollars, according to news reports.
Other European banks have paid at least $635 million over the past decade for transactions with Cuba that violate U.S. embargo or counter-terrorism laws. Cuba, Iran, Syria and Sudan are on the U.S. list of state sponsors of terrorism.
The U.S. inquiry targets ING Bank, part of the Dutch financial services giant ING Groep, the Reuters news agency quoted an ING spokesman as saying on Wednesday.
“We don’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,” the spokesman was quoted as saying.
He spoke after the Dutch newspaper Het Financieele Dagblad reported that ING Bank could be fined “several hundred million” Euros , or dollars for transactions with countries under U.S. sanctions “like Cuba and Iran.”
ING acknowledged in March that it could face fines as a result of its ongoing “discussions” with U.S. officials. It did not explain the talks but said they were with the U.S. Department of Justice, federal prosecutors in New York and the Treasury Department’s Office of Foreign Assets Control, which enforces U.S. economic sanctions.