U.S. Officials Probe Commerzbank On Aiding Blacklisted Countries

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U.S. Officials Probe Commerzbank On Aiding Blacklisted Countries

by TheStreet.com Videos 1:05 mins

U.S. Officials Probe Commerzbank On Aiding Blacklisted Countries

by TheStreet.com Videos 1:05 mins

Federal investigators in the U.S. began settlement talks with Germany's Commerzbank on the allegation of transferring funds for countries blacklisted by the U.S. The U.S. government accused the second largest bank in Germany of aiding entities from Iran, Sudan, North Korea, Myanmar and Cuba through its U.S. operations. The New York Times reports Commerzbank is likely to enter into a deferred prosecution agreement, meaning the criminal charges will be dropped in exchange for monetary penalty and other concessions. The timeline of the talks is not yet set and the amount of the settlement is not clear, but it's expected to be at least $500 million. That may sound like a lot, but it's not when you compare it to what BNP Paribas faced. Last week, the Paris based bank pleaded guilty to similar charges. As part of the settlement, BNP Paribas paid almost $9 billion in fines.

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