Germany's second-largest bank Commerzbank is being investigated by the Manhattan U.S. attorney for alleged violations of money-laundering laws, the Wall Street Journal reported.
Reuters reports that after failing to land high-profile criminal cases stemming from the 2008-09 financial crisis, U.S. authorities have focussed on other types of criminal activity within the financial industry, including money laundering, tax evasion and sanctions violations.
Sources told Reuters earlier this month that Commerzbank was nearing a settlement with U.S. authorities over its dealings with Iran and other countries under U.S. sanctions. One person said it was expected to pay about $650 million.
The Manhattan U.S. attorney is now investigating allegations Commerzbank had lax controls for detecting and preventing money laundering, the WSJ reported, citing unnamed sources briefed on the investigation.
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