Alberts Comments on Industrial Bank of Korea's Recent $86 Million Settlement
On April 20, 2020, the Industrial Bank of Korea (IBK) agreed to pay $86 million to settle the U.S. and New York state criminal and civil charges brought by the Manhattan U.S. Attorney's Office that it allowed an illegal transfer of more than $1 billion to Iran, violating U.S. sanctions. In a new video, partner Jeffrey Alberts shares his thoughts on the lessons that financial institutions can learn from this settlement.
View the video in the resources link below.
More About Pryor Cashman's Financial Institutions Group
We have substantial experience dealing with bank regulatory and administrative issues, including supervision and examination of federally chartered and state-chartered commercial banks, savings banks, foreign banks and their domestic branches, and financial technology companies. We also defend clients before federal banking agencies, including the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board (FRB), as well as state agencies.
