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More fines for stripping

August 16, 2010

MoneyLaundering.com has revealed that Barclays will probably be fined by the U.S. Department of Justice for removing data (or “stripping” in AML industry jargon) from financial transactions with Iran. We’ve seen this already with Lloyds, Credit Suisse, and RBS. The banks stripped the data to cover the source or destination of wire transfers involving Iranian customers in violation of U.S. sanctions laws.

The banks helped Iran, now they’re helping fill DOJ’s coffers. Revenues from all these fines are likely to exceed $2 billion.

Bank Status Amount fined
Lloyds Settled $350 million
Credit Suisse Settled $536 million
RBS Settled $500 million
Barclays In progress Probably $300 million
Banca Intesa Sanpaolo Pending N/A
Deutsche Bank Pending N/A
HSBC Pending N/A
  TOTAL $1.7 billion & counting
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One comment

  1. As predicted:

    http://www.treas.gov/offices/enforcement/ofac/actions/20100818.shtml



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