US PROSECUTORS are investigating Deutsche Bank – among other lenders – over business linked to Iran, Sudan and nations currently under international sanctions, according to reports over the weekend.
It is understood US Justice Department and the Manhattan district attorney’s office are investigating the banks for allegedly using US branches to move billions of dollars in Iran-linked transactions.
The report of the probe came days after a settlement for $340 million (£217m) between New York’s banking regulator and Standard Chartered over similar claims the bank was involved in banned transactions with Tehran.
So far there is no suspicion Deutsche moved money on behalf of Iranian clients through American operations after 2008, when a policy loophole allowing such manoeuvering closed.
A spokesman for Deutsche said that it took a decision in 2007 to “not engage in new business with counterparties in countries such as Iran, Syria, Sudan and North Korea and to exit existing business to the extent legally possible”.