Australia and New Zealand Banking Group (ANZ) has been fined $5.75 million by the US Treasury to settle a charge of breaking trading regulations.
ANZ was found to have conduced dealings with Cuba and Sudan earlier this decade - two countries that the US government has economic embargos against.
The bank contradicted the rules as it operates with a US banking license, even though its actions did not break laws in Australia or sanctions enforced by the United Nations.
Chief risk officer Chris Page said that the bank's compliance with US regulations between 2004 and 2006 "did not reach the high standards we expect".
"We've worked hard with regulators over the past three-and-a-half years to comprehensively address the issues identified," he remarked.
ANZ recently invested $550 million in a number of Royal Bank of Scotland assets in six Asian countries - including Taiwan, Singapore, Indonesia and Hong Kong.
Written by Tony Aynsley
ANZ was found to have conduced dealings with Cuba and Sudan earlier this decade - two countries that the US government has economic embargos against.
The bank contradicted the rules as it operates with a US banking license, even though its actions did not break laws in Australia or sanctions enforced by the United Nations.
Chief risk officer Chris Page said that the bank's compliance with US regulations between 2004 and 2006 "did not reach the high standards we expect".
"We've worked hard with regulators over the past three-and-a-half years to comprehensively address the issues identified," he remarked.
ANZ recently invested $550 million in a number of Royal Bank of Scotland assets in six Asian countries - including Taiwan, Singapore, Indonesia and Hong Kong.
Written by Tony Aynsley
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