The New York State Department of Financial Services has fined Italy's biggest retail bank, Intesa Sanpaolo, $235m, for violation of bank secrecy laws and failing to prevent money laundering. In a statement, the regulator said the New York branch of Intesa had been "complicit in facilitating illegal transactions by allowing customers to launder their funds".
The New York State Department of Financial Services has fined Italy's biggest retail bank, Intesa Sanpaolo, $235m, for violation of bank secrecy laws and failing to prevent money laundering. In a statement, the regulator said the New York branch of Intesa Sanpaolo had failed to spot suspicious transactions from shell companies, deliberately concealed information, and trained staff to manipulate Iranian transactions so they would not be linked to firms under sanction.