Fines paid by global banks helps US Regulators a revenue of USD 3 Bn since 2009 - A snapshot

Some of the biggest money-laundering settlements arose with biggest banks from a probe by US regulators that began in 2009 are as follows which earned the US government USD 3 Bn:

Sr. No

Bank Name




The bank was accused of covering up billions of dollars in fund transfers that violated U.S. sanctions against Cuba and Iran by concealing the source of the transfers in a process known as stripping. The investigation centered on an ING subsidiary at the time, the Netherlands Caribbean Bank.

This was the largest money settlement record in US by the Dutch bank agreeing to pay 619 Mn


Lloyds TSB Group PLC

The U.K. bank reached an agreement with the Manhattan district attorney’s office and the U.S. Department of Justice in January 2009 to pay $350 million in fines and forfeiture for allowing Iranian and Sudanese clients access to the U.S. banking system. Later in December 2009, it reached another $217 million settlement with the U.S. Treasury.


Credit Suisse Group

In December 2009, U.S. regulators fined Credit Suisse $536 million, ending a five-year investigation in which the U.S. said the Swiss bank helped clients in Iran, Libya, Sudan, Myanmar and Cuba conduct financial transactions in secret between 2002 and April 2007. Half of the total fine was divided between New York City and New York state. “In both its scope and its complexity, the criminal conduct perpetrated by Credit Suisse in this case is simply astounding,” U.S. Attorney General Eric Holder said at the time, adding that the fine would had been even higher had Credit Suisse not cooperated in the investigation.


ABN AMRO Holding NV/Royal Bank of Scotland Group PLC

The Dutch bank agreed to pay $500 million in April 2007 to regulators after an investigation found ABN conducted transfers for Libya and Iran through New York. ABN’s settlement came just as the Dutch bank was the target of a bidding war involving Barclays PLC and a consortium led by RBS. ABN had already agreed in 2005 to pay $80 million over laundering laxity. The $500 million fine was settled by RBS, which later acquired ABN Amro, in May 2010.


Barclays Bank Plc.

In August 2010, Barclays agreed to pay $298 million to settle charges by U.S. and New York prosecutors relating to client payments from Cuba, Sudan and other places under U.S. sanctions for a roughly 11-year period until September 2006. Barclays was accused of using opaque methods of payment messages, known as cover payments, to obscure transfers. The deal included an agreement that allowed the bank to escape prosecution for two years if it cooperated with government investigators and implemented new training and compliance programs.

Separately, in June of this year, Barclays settled a probe by U.S. and U.K. regulators that its traders rigged the London interbank offered rate benchmark, or Libor. Barclays paid $452 million to the U.K. Financial Services Authority and the U.S.’s Commodity Futures Trading Commission and Department of Justice Fraud Section


HSBC Holdings PLC

The U.K. lender said it has set aside $700 million to cover potential fines following a U.S. Senate report alleging that some of HSBC’s global operations were used by money-launderers and potential terrorist financiers. HSBC’s Mexico unit paid $27.5 million in fines to the country’s regulator after the Senate probe found it shipped billions in bank notes by car or aircraft to the U.S.


Standard Chartered Plc.

Standard Chartered PLC has reached a settlement to pay $340 million to U.S. regulators over money-laundering allegations involving Iranian customers

The above information has been submitted by

Nikhil Parulkar, CFE, MFA
Forensic Accountant
Mob:+ 91 9870781117

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