Seeking Alpha

Commerzbank settlement may increase

  • 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).
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