The Intesa Sanpaolo logo is seen in Milan, Italy, in this January 18, 2016 file photo. REUTERS/Stefano Rellandini NEW YORK (Reuters) - Intesa Sanpaolo SpA (ISP.MI), Italy’s biggest retail bank, will pay $235 million to New York’s financial regulator for anti-money laundering failures and violations of bank secrecy laws. Intesa Sanpaolo and its New York branch mismanaged its transaction monitoring system and failed to identify suspicious transactions involving shell companies, the New York State Department of Financial Services said in a statement on Thursday announcing the fine. The bank also trained employees to handle Iranian transactions so they could not easily be tied to sanctioned entities and deliberately concealed information from bank examiners, the regulator said. New York’s fine against Intesa Sanpaolo follows the regulator’s actions earlier this year over anti-money laundering violations by other foreign banks. Reporting by Karen Freifeld and Carmel Crimmins; Editing by Steve Orlosky
Intesa has fined Italy 's biggest retail bank, Karen Freifeld , $235 million , for violation of bank secrecy laws and failing to prevent money laundering. In a statement, the regulator said the New York branch of The New York State Department of Financial Services 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.