Deutsche Bank under US investigation for Iran dealings

20th Aug 2012 09:23

After a recent clash with Standard Chartered (StanChart), US regulators are investigating Deutsche Bank and other large global banks for having possibly funnelled billions of dollars through their American branches for countries under sanctions, such as Iran or Sudan, according to law officials close to the case cited by The New York Times. This new investigation is the latest after the New York district attorney reached a $340m settlement with StanChart. A Deutsche Bank spokesman declined to comment for the article but did point out that the German financial institution decided in 2007 that it would "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."Deutsche Bank currently leads the decliners on the Dax 30 as it trades down 1.74% to €26.2650.JM