NEW YORK (Reuters) – Industrial Bank of Korea <024110.KS> will pay $35 million in fines to settle charges it violated New York state laws designed to thwart money laundering, a regulator said on Monday.
The payment resolves charges that IBK violated New York’s Bank Secrecy Act and anti-money laundering laws, according to Linda Lacewell, superintendent of New York’s Department of Financial Services.
(Reporting by Jonathan Stempel in New York, Editing by Franklin Paul)
