Friday, December 12, 2014

Commerzbank will pay more than $ 1 billion for the violation of US sanctions – FINANCE.UA

Commerzbank will pay more than $ 1 billion for the violation of US sanctions – FINANCE.UA

Commerzbank AG, the second largest bank in Germany, on Thursday reached a preliminary agreement with the authorities US about the penalty for violating the sanctions and laundering charges money.

The Bank has agreed to pay more than $ 1 billion for the violation of US sanctions against Iran and Sudan, writes the Financial Times. Thus, the amount of the fine exceeds the expectations of at least $ 400 million.

It is expected that the final amount of the fine and the conditions to be agreed by January 2015.

According to informed sources, the German bank agreed to pay about $ 650 million (according to other sources – $ 600 million) for the fact that conduct transactions with Iran, Sudan, Cuba and other countries in spite of sanctions US . The remaining $ 350 million will have to cover the penalty for lack of internal control of money laundering.

According to sources AFP , currently being discussed terms of the transaction the bank with US authorities. FT notes that the charges against the bank may be removed after a certain period, if at that time did not show up new violations.

Earlier in the framework of this investigation US fined the largest French bank BNP Paribas SA to a record $ 8.9 billion. Under Investigation are also other European banks – Deutsche Bank AG, French Credit Agricole SA and Societe Generale SA, Italian UniCredit SpA.

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