05222019Wed

Commerzbank cooperating with authorities on Iran investigation

Bloomberg: Commerzbank AG is cooperating with U.S. authorities on an investigation of transactions involving Iran and said it can’t estimate the outcome or financial impact of the examination.

By Christiane Lenzner

Nov. 25 (Bloomberg) -- Commerzbank AG is cooperating with U.S. authorities on an investigation of transactions involving Iran and said it can’t estimate the outcome or financial impact of the examination.

“The bank has been asked by U.S. Federal and New York authorities to investigate Commerzbank AG’s historic U.S. dollar transactions processed through the U.S. and involving certain persons and countries, such as Iran, subject to sanctions or regulations administered by the U.S. Office of Foreign Assets Control,” the Frankfurt-based company said by e-mail today.

Boersen-Zeitung reported earlier that Commerzbank may need to pay a three-digit million-euro fine to the U.S. because of past business with Iran. The lender is examining transactions between 2002 to 2007 following a U.S. request, the newspaper said, citing Markus Beumer, head of the division for small and mid-sized companies.

“The bank is investigating the matter and cooperating with the U.S. and N.Y. authorities,” Commerzbank said in the statement. “It is premature to assess the outcome or timing of the investigation and what, if any, impact financially or otherwise it may have on the bank.”

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