NEW YORK: After Standard Chartered bank, government agencies in the US are investigating dealings of Deutsche bank and many other global banks over accusations of funnelling billions of dollars through their branches in New York for sanctioned nations like Iran and Sudan, a media report said. The investigation into Deutsche Bank is the latest in a series of cases against global financial firms since 2009, a report in the New York Times said.Earlier this week, Global banking giant Standard Chartered agreed to pay $340 million to New York's top banking regulator, settling allegations that it hid about 60,000 transactions worth $250 billion with the Iranian government and exposing the US financial system to terrorists, weapon dealers and drug kingpins.
It suggests the practice of transferring money on behalf of Iranian banks and corporations flourished under a loophole in US policy that ended in 2008, the report added.
A spokesman for the German Bank said it had decided in 2007 to "not engage in new business with counter-parties in countries such as Iran, Syria , Sudan and North Korea and to exit existing business to the extent legally possible" . According to law enforcement officials, the investigation into Indian-origin Anshuman Jain-led Deutsche Bank is still in its very early stages, the daily said.
Edited By Cen Fox Post Team
