South Korea's Industrial Bank of Korea(IBK) will reportedly pay 86 million dollars, or some 100 billion won, to settle criminal and civil charges that it violated U.S. anti-money laundering laws.   

According to the bank and Reuters on Monday, IBK will pay 51 million dollars to the U.S. prosecution and 35 million dollars in fines to the New York State Department of Financial Services. 
 
The case involves one of IBK's clients who allegedly carried out illegal business deals with Iran in violation of U.S. sanctions against the country. 

Reuters identified the client as Kenneth Zong, a U.S. citizen formerly of Alaska, who allegedly violated the sanctions by arranging transfers to entities controlled by Iran. 
 
IBK reportedly accepted responsibility for charges that it allowed an illegal transfer of more than one billion dollars to Iran in violation of U.S. anti-money laundering laws from 2011 to at least 2014.