Not even a week ago, Standard Chartered of UK had to cough up $340 M to settle fines due to banking irregularities. Now, it's Deutsche Bank's turn to be in the crosshairs.
U.S. prosecutors are investigating Deutsche Bank and several other global banks over business linked to Iran, Sudan and other nations currently under international sanctions, the New York Times reported on Saturday.
The U.S. Justice Department and the Manhattan District Attorney's office are investigating the banks for allegedly using U.S. branches to move billions of dollars in Iran-linked transactions, according to the report, citing unnamed law enforcement officials.
The investigation into Deutsche Bank is at an early stage and so far there is no suspicion the Germany-based institution moved money on behalf of Iranian clients through American operations after 2008, when a policy loophole allowing such maneuvering closed, the Times reported....
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