German company faces $340 million fine over Iran sanctions
A German company faces fines in the US after allegedly breaking sanctions against Iran
Click here to add Deutsche Boerse AG as an alert
Disable alert for Deutsche Boerse AG,
Click here to add Frankfurt as an alert
Disable alert for Frankfurt,
Click here to add John Sullivan as an alert
Disable alert for John Sullivan,
Click here to add OFAC as an alert
Disable alert for OFAC,
Click here to add Standard Chartered PLC as an alert
Disable alert for Standard Chartered PLC
Deutsche Boerse AG (DB1) said U.S. regulators may fine its Clearstream settlement unit as much as $340 million over possible violations of sanctions against Iran, Bloomberg reported.
Clearstream has started talks on a deal with the U.S. Treasury Department's Office of Foreign Assets Control related to securities transfers within its settlement system in 2008, the Frankfurt-based exchange said in a statement today. Deutsche Boerse shares rose 0.2 percent to 47.03 euros at the close of trading in Frankfurt.
Standard Chartered Plc agreed to pay $327 million in fines last month, including $132 million to OFAC, after regulators said it violated U.S. sanctions with Iran. Britain's second- largest bank by market value was accused of helping Iran launder about $250 billion in violation of federal laws, keeping false records and handling wire transfers for Iranian clients.
"Clearstream continues to believe that its actions were in compliance with any applicable U.S. sanctions regulations and considers OFAC's preliminary figure to be unwarranted and excessive," Deutsche Boerse said in the statement. "Clearstream appreciates the opportunity to engage in substantive discussions with OFAC on the facts and reasons why a penalty should not be imposed or, if a settlement payment is agreed upon, why it should be in a far lesser amount."
John Sullivan, a spokesman for OFAC at the Treasury Department, declined to comment on Clearstream's announcement. OFAC doesn't comment on open investigations, he said
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge
- Two Swiss firms caught exporting illegally to Iran
- Stolt-Nielsen to cooperate with US investigations on Sudan, Iran ties
- Iran's IPC in 1 billion euro loan with western banks
- US Firms On The Defensive Over South Pars Involvement
- OTI approved for admission to the Prime Standard Segment of German Stock Exchange