The Industrial Bank of Korea (IBK) and its New York branch will pay a total of $86 million in criminal and civil penalties to resolve both federal and New York State charges for numerous, systemic sanctions compliance failures that allowed more than $1 billion to be illegally transferred to the government of Iran in violation of U.S. sanctions.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...