Deutsche Bank investigated in U.S. over Iran link
August 19 , 2012
U.S. prosecutors have launched a probe into Deutsche Bank over business links to Iran, Sudan and other nations currently under international sanctions, according to a report in the New York Times.
The U.S. Justice Department and the Manhattan District Attorney's office are looking into the German bank along with other global banks for allegedly using U.S. branches to transfer billions of dollars transactions linked to Iran.
The investigation into Deutsche Bank is still at an early stage and no evidence has emerged that it moved money on behalf of Iranian clients through American operations after 2008, when a policy loophole allowing such manoeuvring closed.
Deutsche Bank decided in 2007 that it would "not engage in new business with counterparties in countries such as Iran, Syria, Sudan and North Korea and to exit existing business to the extent legally possible," according to a spokesman.
The report of the Deutsche Bank investigation comes after New York's banking regulator and Britain's Standard Chartered agreed to a settlement of $340 million for its involvement with Iran.