ING Bank agreed to pay $619 million to settle US government allegations that it violated US sanctions against Cuba, Iran and other countries.

Half of the settlement will be distributed to New York City and state, and the other half will be paid to the US.

It was the biggest ever fine against a bank for sanctions violations, officials said.

US authorities said ING moved $1.6 billion illegally through banks in the US from the early 1990s through 2007 by concealing the nature of the transactions.