Commerzbank and Deutsche Bank 'in sanctions busting settlement talks with US'
- 10 years ago
After BNP Paribas’ record fine, US authorities reportedly have their sights on Germany’s Commerzbank and Deutsche Bank over their dealings with countries under sanctions by the United States.
Settlement talks have just begun, according to media reports citing sources with direct knowledge of the investigations. The timing of a deal remains unclear.
After failing to land high-profile criminal cases stemming from the 2008-09 financial crisis, the US Justice Department and financial regulators in New York have been focusing on other types of criminal activity including money laundering, tax evasion and sanctions violations.
Commerzbank is accused by US authorities of transferring money through its operations in the states on behalf of companies in Iran and Sudan.
It could pay at least $500 million (367 million euros) in penalties, according to the New York Times, which first reported the settlement talks.
The paper said a deal could be struck as soon as this summer and could pave the way for an agreement with Deutsche Bank.
Deutsche Bank and Commerzbank would not comment on the reports.
with Reuters
Settlement talks have just begun, according to media reports citing sources with direct knowledge of the investigations. The timing of a deal remains unclear.
After failing to land high-profile criminal cases stemming from the 2008-09 financial crisis, the US Justice Department and financial regulators in New York have been focusing on other types of criminal activity including money laundering, tax evasion and sanctions violations.
Commerzbank is accused by US authorities of transferring money through its operations in the states on behalf of companies in Iran and Sudan.
It could pay at least $500 million (367 million euros) in penalties, according to the New York Times, which first reported the settlement talks.
The paper said a deal could be struck as soon as this summer and could pave the way for an agreement with Deutsche Bank.
Deutsche Bank and Commerzbank would not comment on the reports.
with Reuters