Commerzbank, the second largest bank in Germany, may be facing up to $600 to $800 million in fines for violating US sanctions against Iran. According to Reuters one of the accusations this German bank is facing is the transfer of money for Iran’s shipping lines.
Iran’s shipping lines have been on the US blacklist since 2008. This bank is accused of dealing with this entity despite knowing it was sanctioned and barred. Reuters also reported US officials are closely reviewing the activities of two other European banks in Italy and France for possible investigations.