NEW YORK Dec 15 Intesa Sanpaolo SpA,
Italy's biggest retail bank, will pay $235 million to New
York's financial regulator for anti-money laundering failures
and violations of bank secrecy laws.
Intesa Sanpaolo and its New York branch mismanaged its
transaction monitoring system and failed to identify suspicious
transactions involving shell companies, the New York State
Department of Financial Services said in a statement on Thursday
announcing the fine.
The bank also trained employees to handle Iranian
transactions so they could not easily be tied to sanctioned
entities and deliberately concealed information from bank
examiners, the regulator said.
New York's fine against Intesa Sanpaolo follows the
regulator's actions earlier this year over anti-money laundering
violations by other foreign banks.
(Reporting by Karen Freifeld and Carmel Crimmins; Editing by