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UniCredit will pay $1.3bn to settle sanctions charges

Banks owned by UniCredit agree to settle claims they processed payments allegedly in violation of US government-sanctions programmes

Banks owned by UniCredit have agreed to pay $1.3bn to settle claims they processed payments allegedly in violation of multiple US government-sanctions programmes.

The banks processed payments worth $500m through US financial institutions between 2007 and 2011 that breached sanctions related to Iran, Cuba, Libya and other countries, the US Department of the Treasury’s Office of Foreign Assets Control said in a statement Monday.

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