mo4ch:>Italian banking major to pay hefty US fine for Iran sanctions-busting | Mo4ch News

European subsidiaries of Italy’s biggest bank UniCredit have pleaded guilty to US charges of violating sanctions against Iran and other countries. The lender has agreed to pay $1.3 billion to settle the six-year probe.UniCredit’s units in Germany, Austria and Italy admitted to illegally moving of hundreds millions of dollars via the US financial system on behalf of sanctioned entities, according to the US Treasury Department. The violations reportedly included sanctions programs against weapons of mass destruction proliferation.Also on rt.comFrench bank pays huge US fine for doing business in Cuba, IranThe resolution, which is among the largest ever related to US sanctions laws, followed last week’s $1.1 billion settlement reached by London-based banking multinational Standard Chartered with American and British authorities over similar misconduct.The latest case revealed that UniCredit’s subsidiary in Germany processed more than 2,000 payments totaling over $500 million through US fi…