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Unicredit Banks pay $611M to settle OFAC violations

04/15/2019
Fine Amount: 
$611 million
Penalty Type: 
Issued by: 

OFAC has announced three separate agreements totaling $611 million with UniCredit Group banks: UniCredit Bank AG in Germany, UniCredit Bank Austria AG in Austria, and UniCredit S.p.A. in Italy. The settlements resolve OFAC’s investigations into apparent violations of a number of U.S. sanctions programs, including those related to weapons of mass destruction proliferation.

The settlements are part of a coordinated group of settlements with the UniCredit Group and the Federal Reserve Board, the Department of Justice, the Office of the U.S. Attorney for the District of Columbia, the New York County District Attorney's Office, and the New York Department of Financial Services. The penalties to be paid by UniCredit to all of the agencies total about $1.3 billion.

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