German bank faces penalty for transactions with Iran: report

TEHRAN,July 12(MNA) – Germany’s second biggest bank, Commerzbank, is expected to be fined and pay 600 to 800 million dollars to resolve investigations into its dealings with Iran and other countries under U.S. sanctions, Reuters reported on Thursday. U.S. authorities are investigating alleged violations, including Commerzbank’s transactions for the Islamic Republic of Iran Shipping Lines. A settlement could be reached in the next few weeks, one source said. The German bank is the latest bank to enter into settlement negotiations with U.S. authorities. French lender BNP Paribas SA struck a record-breaking $8.9 billion deal last week to resolve investigations into violations of sanctions involving Sudan, Iran and Cuba.