German lender Commerzbank is reportedly being investigated by the Manhattan U.S. attorney for its alleged role in violating of money-laundering laws as well as to settle allegations relating to its dealings with Iran and other nations under US sanctions.
The Manhattan US attorney said the probe involved allegations that the bank had lax controls for detecting and preventing money laundering, the Wall Street Journal reported.
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The publication said that the US officials are considering whether to settle the two investigations into the German bank in one settlement, a move that could both delay a resolution and add hundreds of millions of dollars of penalty to Commerzbank.
The bank is expected to pay more than $600m to resolve the sanctions allegations.
The resolution is likely to involve a deferred-prosecution agreement, similar to other settlements involving sanctions violations reached in recent years, according to Bloomberg.
The agreement would allow the bank to avoid a criminal prosecution if it abides by the agreement terms.
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By GlobalDataCommerzbank said that is nearing deal with US authorities to settle Iran case by the end of this month.
