American regulators have set their sights on German financial giant Commerzbank over accusations it dealt with Iran and other countries blacklisted by Washington.
The bank, which is suspected of transferring money through its American operations on behalf of companies in Iran and Sudan, may face penalties of at least half a billion dollars as part of a deferred-prosecution agreement.
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The probe on Commerzbank is being carried out by the Federal Reserve, banking regulator of New York, Department of Justice, and the Office of Manhattan District Attorney.
A representative from Commerzbank was not immediately available for comment.
A settlement with Commerzbank would pave the way for a deal between Deutsche Bank and prosecutors in the United States.
Only recently, French bank BNP Paribas paid a record US$9 billion in a settlement with US authorities over similar allegations.
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By GlobalData
