Unicredit faces 'U.S. Iran sanctions breach investigation'
August 27 , 2012
Unicredit has announced it is cooperating with a U.S. probe into a possible breach of sanctions.
The bank is believed to have broken sanctions against Iran, according to reports by the Financial Times and Reuters.
The investigation focuses on a German subsidiary, HypoVereinsbank, which the Italian bank bought in 2005.
Unicredit admitted in January as part of a regulatory filing that it was working with U.S. authorities over a sanctions breach, but did not the name the country involved.
According to its latest statement, which again does not name Iran, the investigation is being carried out by the U.S. Department of Justice.
The news follows similar revelations about the UK’s Standard Chartered and HSBC banks.
Last month, the U.S. Senate released a report detailing HSBC involvement in money laundering for Iran as well as other U.S. sanctioned countries Myanmar, and North Korea.
Then, earlier this month, Standard Chartered Bank agreed to pay New York regulators $340 million to settle claims that it had hidden $250 billion in transactions with Iran.