Unicredit “in US Iran sanctions breach investigation”


Unicredit has confirmed it is co-operating with a US investigation into a possible breach of sanctions.

The bank is thought to have broken sanctions against Iran, according to reports by the Financial Times and Reuters, although this has not been confirmed by Unicredit.

The probe centres on a German subsidiary, HypoVereinsbank, which the major Italian bank bought in 2005.

The news follows similar revelations about two UK banks.

Unicredit originally admitted in January as part of a regulatory filing that it was working with US authorities over a sanctions breach, but without naming the country involved.

“A member of the Unicredit group is currently responding to a third party witness subpoena from the New York County District Attorney’s Office in connection with an ongoing investigation regarding certain persons and/or entities believed to have engaged in sanctionable activities,” the January filing said.

According to Unicredit’s latest statement, which does not name Iran either, the investigation is also being conducted by the US Department of Justice.

Last month the US Senate released a report detailing how HSBC helped launder money for Iran, as well as for other US-sanctioned governments of Burma and North Korea and for Mexican drugs cartels.

Then, earlier this month, Standard Chartered Bank – which is headquartered in London, but mainly active in the Middle East, Africa and Asia – agreed to pay New York regulators $340m (£217m) to settle claims that it had concealed $250bn in transactions with Iran.


a conga line of banks being sucked into this probe on illegal activities with iran..goes to show that sanctions arent anything..the banks still do what they want..until caught..


~ by seeker401 on August 29, 2012.

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