Deutsche Boerse AG (DB1) said U.S. regulators may fine its Clearstream settlement unit as much as $340 million over possible violations of sanctions against Iran.
Clearstream has started talks on a deal with the U.S. Treasury Department’s Office of Foreign Assets Control related to securities transfers within its settlement system in 2008, the Frankfurt-based exchange said in a statement today. Deutsche Boerse shares rose 0.2 percent to 47.03 euros at the close of trading in Frankfurt.
Standard Chartered Plc agreed to pay $327 million in fines last month, including $132 million to OFAC, after regulators said it violated U.S. sanctions with Iran. Britain’s second- largest bank by market value was accused of helping Iran launder about $250 billion in violation of federal laws, keeping false records and handling wire transfers for Iranian clients.
“Clearstream continues to believe that its actions were in compliance with any applicable U.S. sanctions regulations and considers OFAC’s preliminary figure to be unwarranted and excessive,” Deutsche Boerse said in the statement. “Clearstream appreciates the opportunity to engage in substantive discussions with OFAC on the facts and reasons why a penalty should not be imposed or, if a settlement payment is agreed upon, why it should be in a far lesser amount.”
John Sullivan, a spokesman for OFAC at the Treasury Department, declined to comment on Clearstream’s announcement. OFAC doesn’t comment on open investigations, he said.
To contact the reporters on this story: Karin Matussek in Berlin at email@example.com; Andrew Rummer in London at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Rummer at email@example.com