UniCredit Group to pay $1.three billion, German unit to plead responsible in U.S. sanctions decision

FILE PHOTO: Unicredit financial institution emblem is seen within the previous metropolis centre of Siena, Italy June 29, 2017. REUTERS/Stefano Rellandini/File Photograph

(Reuters) – UniCredit Group, Italy’s largest financial institution by property, has agreed to pay $1.three billion to U.S. authorities to settle probes of violations of U.S. sanctions on Iran and different international locations, U.S. authorities mentioned on Monday.

As a part of the decision, German unit UniCredit Financial institution AG will plead responsible in New York state courtroom for illegally transferring tons of of thousands and thousands of {dollars} by way of banks in Manhattan on behalf of sanctioned international locations and entities, Manhattan District Legal professional Cyrus Vance Jr. mentioned in a press release.

One other unit, UniCredit Financial institution Austria AG entered right into a non-prosecution settlement with the Manhattan District Legal professional, the prosecutor mentioned.

UniCredit Financial institution AG, Financial institution Austria and their father or mother entity, UniCredit S.p.A., agreed to resolve parallel investigations with the U.S. Division of Justice, the U.S. Division of Treasury, the Board of Governors of the Federal Reserve, and the New York Division of Monetary Providers.

The settlements contain obvious violations of U.S. sanctions packages, together with these associated to IRISL, the state-owned Iranian transport firm sanctioned as a proliferator of weapons of mass destruction, authorities mentioned.

UniCredit had no rapid remark.

The resolutions stem from an investigation of U.S. greenback transactions between 2002 and 2011, in response to the New York Division of Monetary Providers.

UniCredit engaged in “billions of {dollars} of transactions with shoppers from sanctioned nations, together with Iran, Libya and Cuba, after which work[ed] to cowl their tracks to keep away from detection,” Appearing New York Monetary Providers Superintendent Linda Lacewell mentioned.

Reporting by Karen Freifeld; extra reporting by Stephen Jewkes in Milan.; Enhancing by Susan Thomas

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