Uh-oh.

ING Bank’s apparent violations, which totaled more than $1.6 billion routed through the United States despite U.S. sanctions, arose out of policies at multiple offices of ING Bank’s Wholesale Banking Division. Neither ING Bank’s insurance nor its banking operations in the United States were subjects of this investigation. Beginning in the 1990s, at the instruction of senior bank management, ING Bank employees in Curacao began omitting references to Cuba in payment messages sent to the United States in order to prevent U.S. financial institutions from identifying and interdicting prohibited transactions. The practice of removing and omitting such information was also used by other branches of ING Bank’s Wholesale Banking Division, including in France, Belgium, and the Netherlands, in processing U.S. dollar payments and trade finance transactions through the United States. In addition, ING Bank’s senior management in France authorized, advised in the creation of, and ultimately provided fraudulent endorsement stamps for use by Cuban financial institutions in processing travelers check transactions, which disguised the involvement of Cuban banks in these transactions when they were processed through the United States. Moreover, ING Bank’s Trade and Commodity Finance business at its Wholesale Banking branch in the Netherlands routed payments made on behalf of U.S.-sanctioned Cuban clients through other corporate clients to obscure the sanctioned clients’ identities and its Romanian branch omitted details from a letter of credit involving a U.S. financial institution in order to finance the exportation of U.S.-origin goods to Iran.

What does the treasury do with that money?

Throws parties with $87 donuts and $123 cups of coffee I would guess.

If I had that kind of money, I would buy a falcon.

A Ford falcon?

A Millenium Falcon?

A Millennium Falcon?

ETA: Dang it! Guitardude was faster on the draw than I was.

Ha! I beat Purple Pride by 2 seconds!

Sometimes it is better to be lucky than good.

Ms GD said she wishes you weren't this fast all the time

I wonder if this makes Cap One have buyers remorse

Without fully reading, let me guess - they neither confirmed nor denied any wrongdoing?

no, seems there is some type of admission

http://www.reuters.com/article/2012/06/12/us-ing-sanctions-idUSBRE85B12I20120612

Readers digest version

They laundered 1.6 billion. They saved 1 billion by paying the fee as the penalties can exceed the entire amount laundered.

Must ask Miscuit as she is the OFAC/BSA/AML expert.

Does she work for one of them there furren banks?

$200 toilet seats, and $500 hammers!

i think it is the conventions in vegas that the GSA likes to host...