Commerzbank settlement may increase

|About: Commerzbank AG (CRZBF)|By:, SA News Editor

Commerzbank (CRZBF, CRZBY) is now expected to pay between a $600-$800M settlement for its money transfer operations which evaded U.S. sanctions, CNBC reports. The bank is accused of transferring money on behalf of companies in Iran and Sudan.

It was previously reported that the bank would have to pay more than $500M.

Over the past five years, American authorities have found more than half a dozen foreign banks guilty of sanctions violations.

The U.S. is still probing UniCredit (UNCFF), Credit Agricole (CRARY), Societe Generale (SCGLF), and Deutsche Bank (DB).