Commerzbank to pay $1.4bn to settle US sanctions case

GMT 13:43 2015 Friday ,06 March

Arab Today, arab today Commerzbank to pay $1.4bn to settle US sanctions case

Frankfurt - AFP

Germany's Commerzbank will pay at least $1.4 billion to settle US claims that it violated sanctions on countries including Iran and Sudan, Bloomberg reported.
The second-biggest German lender agreed to the settlement with US authorities, which could be finalised this month as part of an accord that would also resolve a separate money-laundering matter, according to the report late Thursday.
Commerzbank would pay a minimum combined sum of $1.4 billion (1.3 billion euros) to the US Justice Department, the Federal Reserve and other regulators, Bloomberg said, quoting a person briefed on the matter.
The bank is accused of handling transactions for business with Iran, Sudan and other sanctioned countries.
It declined AFP's requests for a comment on the report.
Bloomberg said Commerzbank added 484 million euros to its legal provisions in 2014, and earmarked 934 million euros for legal costs at the end of 2013.
French bank BNP Paribas last year paid a record $8.9 billion fine imposed by the US Justice Department for violating international sanctions by doing business with Iran, Cuba, Sudan and other regimes targeted by embargoes.

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