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. 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 had been "complicit in facilitating illegal transactions by allowing customers to launder their funds".