NEW YORK (Reuters) – Industrial Bank of Korea, one of South Korea’s largest banks, will pay $86 million to settle U.S. and New York state criminal and civil charges it allowed an illegal transfer of more than $1 billion to Iran that violated U.S. sanctions. Authorities said on Monday that IBK entered a two-year deferred prosecution agreement with the U.S. Department of Justice and a nonprosecution agreement with New York Attorney General Letitia James. Read the complete article HERE.