Attorney General James Announces Agreement with Industrial Bank of Korea Related to Illegal Transfer of Over $1 Billion to Iran

Posted to Applied Web NY on Mon, 04/20/2020 - 11:25

NEW YORK – Attorney General Letitia James today announced the resolution of an investigation into the Industrial Bank of Korea (IBK) for allowing more than $1 billion to be illegally transferred to the Government of Iran. The six-year investigation, led by the New York Attorney General’s Office (NYAG) and the United States Attorneys’ Office for the Southern District of New York (SDNY), revealed that due to IBK’s deficient anti-money laundering programs, IBK customer Kenneth Zong and the companies he owned and/or controlled, were able to illegally transfer more than one billion U.S. dollars for the Government of Iran using financial institutions located in New York. As part of the agreements, IBK will forfeit $51 million dollars.

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