German lender Commerzbank has reached a settlement with US authorities for its alleged role in violating of money-laundering laws as well as to settle allegations relating to its dealings with Iran and other nations under US sanctions.
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By GlobalDataUnder the settlement, Commerzbank is likely to pay more than $1bn in penalties to resolve the probes.
The deal is in the final stages of negotiations and is expected to be announced in early January next year.
In September this year, the bank was in talks with the Justice Department, the Federal Reserve, the Manhattan District Attorney’s Office and New York’s Department of Financial Services to settle allegations relating to its dealings with Iran and other nations under US sanctions.
The bank was expected to pay more than $600m to resolve the sanctions allegations and the resolution was likely to involve a deferred-prosecution agreement that would have suspended criminal charges.
Also, the bank was investigated by the Manhattan US attorney in September for its alleged role in violating of money-laundering laws.
Additionally, the bank is still in discussions with New York state financial regulator Benjamin Lawsky over other terms of the deal even though two sides have reached an agreement on the size of the fine.
Commerzbank and the officials from the government agencies declined to comment.
