DFS fines Unicredit group $405 million for violations of sanctions laws


April 15 2019

Acting Financial Services Superintendent Linda A. Lacewell today announced that the New York Department of Financial Services (DFS) has fined UniCredit Group $405 million for violations of sanctions laws that involved billions of dollars in illegal and non-transparent transactions to clients in countries subject to sanctions, including Cuba, Iran, Libya, Myanmar and Sudan.  The $1.3 billion global settlement announced today was reached in conjunction with the Manhattan District Attorney, the U.S. Department of Justice, the U.S. Treasury Department, and the New York branch of the Federal Reserve Bank and stems from an investigation of the companies’ U.S. dollar payment transactions between 2002 and 2011.  Under today’s settlement, UniCredit Group will submit a compliance program, acceptable to DFS, to comply with U.S. and New York sanctions laws and regulations.