Germany-based Commerzbank may need to cough up major fine between $600m and $800m to resolve investigation into its dealings with Iran and other countries under the US sanctions.
People familiar with the development were quoted by Reuters as saying that the bank is negotiating with New York Department of Financial Services, the Department of Justice (DoJ), the Treasury Department, the Federal Reserve, and the Manhattan District Attorney, over the potential settlement.
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Despite knowing that US has sanctioned Islamic Republic of Iran Shipping Lines in 2008 for allegedly supporting Iran’s proliferation of weapons of mass destruction, Commerzbank did business with the company, a source familiar with the matter said.
A Commerzbank representative declined to comment on the allegations and the size of any settlement, according to Reuters. A settlement may be inked in the next few weeks.
Earlier, US regulators slapped a record-breaking $8.9bn fine on French bank BNP Paribas, accusing it of violating sanctions and related misconduct involving Sudan, Iran and Cuba.
US regulators are also probing Italy’s UniCredit, France’s Credit Agricole and Societe Generale, and Germany’s Deutsche Bank for possible sanctions violations.
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