Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: UniCredit Group
Current Parent Company: UniCredit
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $413,536,632
Year: 2019
Date: April 15, 2019
Offense Group: financial offenses
Primary Offense: economic sanction violation
Mega-Scandal: Sanctions Violations
Violation Description: UniCredit Bank AG, a financial institution headquartered in Munich, operating under the name HypoVereinsbank, and part of the UniCredit Group agreed to enter a guilty plea to charges of conspiring to violate the International Emergency Economic Powers Act and defrauding the United States by processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions. Unicredit Bank AG agreed to pay criminal forfeiture of $393,536,632 and $468,350,000 in criminal fines, though it received credit for the latter amount in connection with concurrent penalties paid to the Federal Reserve and the New York State Department of Financial Services. Another $316 million was paid to the New York County District Attorney's Office. The Justice Department also announced that UniCredit Bank Austria (BA), another financial institution in the UniCredit Group, agreed to forfeit $20 million and entered into a non-prosecution agreement to resolve an investigation into its violations of IEEPA. UniCredit SpA, the parent of both UCB AG and BA, agreed to ensure that UCB AG and BA's obligations are fulfilled.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Criminal Division
Civil or Criminal Case: criminal
Prosecution Agreement: plea and non-prosecution agreement
HQ Country of Current Parent: Italy
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.