UniCredit To Pay $1.3B To End US Sanctions Investigations

Law360 (April 15, 2019, 1:30 PM EDT) -- U.S. and New York authorities said Monday that they've reached settlements totaling $1.3 billion with the UniCredit banking group to resolve investigations related to transactions processed allegedly in violation of sanctions against Iran, Cuba and other countries.

The settlements call for UniCredit SpA, which is Italy’s largest bank, and its German and Austrian subsidiaries, UniCredit Bank AG and UniCredit Bank Austria AG, to pay what will work out to roughly $660 million in fines to the U.S. Treasury Department, Federal Reserve and New York State Department of Financial Services, according to documents released by the regulators.

The U.S. Department of Justice...

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