Iran General NewsUniCredit unit HVB probed over Iran sanctions

UniCredit unit HVB probed over Iran sanctions

-

Reuters: U.S. authorities are investigating UniCredit’s (CRDI.MI) German unit HVB as part of a global crackdown on possible violations of sanctions on Iran that has already cost Standard Chartered (STAN.L) a hefty settlement. MILAN (Reuters) – U.S. authorities are investigating UniCredit’s (CRDI.MI) German unit HVB as part of a global crackdown on possible violations of sanctions on Iran that has already cost Standard Chartered (STAN.L) a hefty settlement.

In an emailed statement on Sunday, UniCredit said the New York County District Attorney’s Office, the U.S. Department of Justice and the U.S. Treasury Department’s Office of Foreign Assets Control were leading the investigation.

The bank was responding to an earlier report in the Financial Times.

The statement did not mention a particular country but a person familiar with the situation said the investigation involved possible breaches of Iran sanctions.

UniCredit said HVB was conducting a broader review of its historic compliance with U.S. economic sanctions on its own initiative. HVB declined to comment beyond the statement.

“The investigation and review are ongoing, and it would be inappropriate to comment further at this time,” UniCredit said.

U.S. authorities have been investigating a number of banks for allegedly moving billions of dollars in Iran-linked transactions.

British bank Standard Chartered (STAN.L) this month reached a $340 million settlement after the New York Department of Financial Services accused it of concealing $250 billion in Iran transactions.

Separately, U.S. authorities are investigating Royal Bank of Scotland (RBS.L), and Germany’s second-largest lender Commerzbank (CBKG.DE).

Commerzbank warned last week it faced a financial hit to settle the U.S. probes into violations of sanctions on Iran and other countries, which could exceed provisions.

UniCredit mentioned the U.S. probe in a 463-page prospectus for a capital increase in January and in its following financial earnings statements.

The documents however mentioned neither HVB, the German bank UniCredit acquired in 2005, or Iran. These details were first reported by the Financial Times on Sunday.

“It is not possible at this time to predict the outcome of the on-going investigation, including the timing and any potential financial impact it may have upon the operating results of the company in any future financial period,” UniCredit said in its first-half results statement on August 3.

(Reporting by Silvia Aloisi; Additional Reporting by Jonathan Gould in Frankfurt; Writing by Antonella Ciancio; Editing by Helen Massy-Beresford)

Latest news

 Statistics show that New Year accidents’ deaths in Iran reached 585

Ahmad Shirani, the head of the Information and Traffic Control Center of the Iranian regime’s police, announced that the...

Land Subsidence in Critical Conditions in Isfahan

Mehdi Toghyani, a member of the Iranian regime’s Majlis (parliament), pointed to the occurrence of land subsidence in various...

Iran’s Actual Inflation Rate Higher Than Official Stats

The state-run Donya-e-eqtesad newspaper, in a report analyzing the "general sentiment" regarding inflation in 2023, has stated that households...

Iranian Workers’ Monthly $136 Wages Can’t Cover $500 Expenses

The lives of a significant portion of the Iranian population are marked by uncertainty, largely because the Iranian economy...

Iranian Nurses Earn Twice Their Wages in Ride-Hailing Services

Reza Aryanpour, a member of the regime’s Majlis (parliament) Health and Treatment Commission, highlighted the growing trend of nurses...

Iran: Unprecedented Record of 152 Million Liters of Gasoline Consumption Per Day

On March 19, Iran set a new historical record in gasoline consumption with 152 million liters consumed in one...

Must read

Iran’s military chief suspects Bush is a “Zionist”

Iran Focus: Tehran, Iran, Jul. 31 – The Supreme...

Iran lawmakers allege Canadian embassy “spying”

Iran Focus: Tehran, Iran, Nov. 29 – A group...

You might also likeRELATED
Recommended to you