The New York State Department of Financial Services has fined Italy 's biggest retail bank , Intesa Sanpaolo , $ 235 m , for violation of banking secrecy laws and failing to prevent money laundering . REUTERS/ In a statement , the regulator said the New York branch of the 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 traced to firms under sanction .
The New York State Department of Financial Services has fined Italy 's biggest retail bank , Intesa Sanpaolo , $ 235 m , for violation of banking secrecy laws and failing to prevent money laundering . In a statement , the regulator said the New York branch of the 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 traced to firms under sanction .