German bank to pay $1.3 billion after helping overseas customers avoid U.S. sanctions

The bank let Iran’s state-owned shipping company, Islamic Republic of Iran Shipping Lines, (IRISL) move about $ 320 million through banks in Manhattan, UCB AG ordered employees to omit references to countries facing sanctions in documents, and established accounts for IRISL-owned or controlled front companies, prosecutors said.

World – New York Daily News