ING Bank N.V. OFAC Settlement: $619M (2012)

ING processed 20,452 wire transfers, trade finance transactions, or travelers checks totaling approximately $1,654,657,318 between October 22, 2002, and July 6, 2007, involving Cuba in apparent violation of the CACR. ING processed 41 wire transfers and trade finance transactions totaling approximately $15,469,938 between December 26, 2003, and September 6, 2007, in apparent violation of the BSR. ING processed 44 wire transfers and trade finance transactions totaling approximately $1,976,483 between January 14, 2004, and December 11, 2006, in apparent violation of the SSR. ING processed three wire transfers totaling approximately $26,803 between January 13, 2004, and April 27, 2004, involving the Government of Libya or Libyan persons in apparent violation of the now-repealed LSR. On or about February to March, 2004, and on October 27, 2004, ING processed two trade finance transactions in the aggregate amount of $1,358,000 in apparent violation of the ITR. The apparent violations involved ING's commercial banking offices in The Netherlands, Belgium, France, Curacao, and Cuba, and did not involve ING's insurance or banking operations in the United States.

OFAC determined that the apparent violations were egregious. The statutory maximum penalty was $1,329,268,888. The total base penalty under the Guidelines for all apparent violations was $665,992,444, comprising $636,450,000 for the CACR apparent violations, $19,919,545 for the BSR apparent violations, $6,531,899 for the SSR apparent violations, $375,000 for the LSR apparent violations, and $2,716,000 for the ITR apparent violations. ING voluntarily self-disclosed all of the apparent violations except the apparent ITR violation processed by ING Bucharest.

In reaching its egregious determination, OFAC found that ING's conduct was marked by willfulness and recklessness; several ING employees, including senior management, were aware of the conduct that led to the apparent violations; the apparent violations resulted in significant harm to U.S. sanctions programs objectives; and ING is a highly sophisticated global financial institution. OFAC further aggravated the base penalty because ING did not consistently cooperate with OFAC early in its investigation with regard to explicit requests for information.

ING agreed to settle for $619,000,000, with the obligation deemed satisfied by a payment of $619,000,000 to the Department of Justice and the New York County District Attorney's Office.

Some of the apparent violations processed by ING (relating to agricultural or medical transactions or large personal remittances) may have been eligible for an OFAC license. ING's voluntary self-disclosure of all apparent violations except the apparent ITR violation processed by ING Bucharest was recognized in mitigation. OFAC aggravated the base penalty because ING did not consistently cooperate with explicit requests for information early in its investigation; later cooperation, including providing substantial and well organized information for OFAC's assessment, signing a tolling agreement and multiple extensions, and responding to multiple inquiries and requests for information, was credited in mitigation. ING's appropriate remedial action in response to the matters described was also recognized.

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