Germany's largest bank Wednesday agreed to pay U.S. state and federal regulators $258 million to resolve allegations that its Manhattan branch knowingly processed billions of dollars of banned transactions. In a consent order, the New York State Department Financial Services (NYSDFS) said that Deutsche Bank AG facilitated over 27,200 U.S. dollar transactions worth almost $11 billion for banks and parties in Iran, Libya, Syria, Myanmar and Sudan, despite sanctions designations by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC). Deutsche Bank's so-called "OFAC-safe" solution, which the department said was advertised by the company's relationship managers to potential clients...
American lawmakers could ask corporations to pay additional sums for sanctions violations as part of an effort to compensate victims of militant groups included on the U.S. State Sponsors of Terrorism list.
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