[Asia Economy New York=Special Correspondent Baek Jong-min] According to U.S. media reports on the 20th (local time), Industrial Bank of Korea (IBK) has been fined $86 million for allegations of financial transactions with Iran.
The Wall Street Journal (WSJ) cited related documents stating that the New York Department of Financial Services (NYDFS) made this decision regarding IBK New York Branch's financial transactions with Iran in 2012.
WSJ pointed out that IBK had not established sufficient internal control systems related to anti-money laundering laws even until 2014.
However, WSJ explained that IBK received a reduced fine considering its sincere cooperation with the authorities' investigation.
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