P4Z-0hy22ZRyqh5IUeLwjcY3L_M

P4Z-0hy22ZRyqh5IUeLwjcY3L_M

Friday, March 13, 2015

German bank to pay $1.45bn for violating Iran sanctions

Germany's second-biggest bank has agreed to pay $1.45bn (£980m) to US authorities after it violated American sanctions against doing business in Iran and Sudan.
US regulators said Commerzbank bank had "turned a blind eye" to illegal practices.
Assistant US attorney general Leslie Caldwell said the bank "concealed hundreds of millions of dollars in transactions prohibited by US sanctions laws on behalf of Iranian and Sudanese businesses".
She said Commerzbank did so "even though managers inside the bank raised red flags about its sanctions-violating practices".
Commerzbank chief executive Martin Blessing said we would make "changes to our systems, training and personnel to address the deficiencies identified by US and New York authorities", Blessing said.
Commerzbank is just one of a number of big banks that have been charged for violating US sanctions, including BNP Paribas, Standard Chartered, HSBC and Credit Suisse.

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