German Commerzbank may face the fine of $500 million. U.S. authorities suspect that the bank used its American branches to make sanctioned wire transfers from Iran and Sudan.
According to sources of the New York Times, the bank was offered to enter into an agreement, under which the U.S. federal government would refuse from prosecution in exchange to large financial payments to the treasury. Negotiations with Commerzbank are underway; the agreement can be concluded already this summer.
Experts note that the case of Commerzbank is like to be come an "exercise" before lodging similar claims against Germany's largest bank Deutsche Bank. It was reported that U.S. authorities suspected the bank of conducting prohibited transactions with Iran, Syria and Sudan.
Last week, French bank BNP Paribas admitted to violating sanctions against Sudan, Iran and Cuba. The bank pleaded guilty and agreed to pay the fine of $9 billion for illegal services.