Intesa Sanpaolo follows the regulator’s actions earlier this year over anti-money laundering violations by other foreign banks. 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.
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.