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Germany's Two Biggest Banks Start Settlement Talks With US Over Sanctions Breaches - Report

Tom Burroughes

9 July 2014

Two of Germany’s largest banks, for sanctions violations; the Paris-listed lender also has lost the right to conduct dollar-denominated deals for a year during 2015, and will have to employ a third-party bank for such transactions. The fine is greater than the bank’s annual profit for 2013. The issue has also soured Franco-US relations, prompting concerns that policymakers, while they often make tough pronouncements on money laundering, are at odds about the appropriate punishment when actual cases come to light.