Commerzbank could face more than $500m fine for alleged sanctions violations

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Commerzbank will probably be the next bank to resolve alleged U.S. sanctions violations, a person with knowledge of the matter said.

Bloomberg News reports that Commerzbank may incur penalties of at least $500m as part of a deferred-prosecution agreement with authorities as soon as summer in the U.S., the person said, asking not to be named because the talks are confidential. Such agreements spare companies a felony conviction.

The probe is part of a U.S. crackdown on financial institutions for handling funds linked to blacklisted nations that led to a record $8.97bn fine against BNP ParibasCredit AgricoleSociete Generale, Deutsche Bank and UniCredit SpA  are among other lenders being investigated by U.S. authorities.

The Manhattan District Attorney’s office is working with the Justice Department, New York’s banking regulator and the Federal Reserve on the Commerzbank investigation, according to the person.

To access the complete Bloomberg article hit the link below:

Commerzbank Said Next to Face Penalties in U.S. Probe

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