Key Bank Pays $200,000 Settlement For Doing Business In Iran

Of course the settlement means they neither accept or reject wrongdoing. You would think companies doing business in state sponsors of terror would face a much harsher penalty. I don't have an account at Key Bank so at least they didn't use my money.

A unit of Midwest regional bank KeyCorp will pay $200,000 to settle allegations that it violated regulations barring transactions with Iran.

Key Bank NA allegedly violated the Iranian transactions rules between 2002 and August 2004, the Treasury Department's Office of Foreign Assets Control said last week.

The government said Key Bank "acted without an OFAC license or outside the scope of its license by operating accounts for an entity and a person located in Iran," and did not voluntarily disclose the matter.

Key, which did not admit or deny the allegations related to a "single customer relationship," paid the fine in December, company spokesman Bill Murschel said Monday.

"Along with all major banks, Key has significantly enhanced its policies, procedures and training in the area of anti-money-laundering in recent years, which includes transactions which fall under OFAC-related regulations," he said.