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Deutsche Bank may have violated Iran sanctions

jpost.com / By Benjamin Weinthal / October 31, 2012

German financial giant reportedly confirms US investigation against it over financial transactions in US dollars with Tehran.

PHOTO: RALPH ORLOWSKI / REUTERS

BERLIN – Flagship German financial institution Deutsche Bank appears to be embroiled in violations of Iran sanctions, the German television channel n-tv reported Tuesday on its website.

According to the report, Deutsche Bank confirmed in its quarterly business report on Tuesday that US investigators were probing the banking giant for violating the trade embargo on Iran.

The possible violation deals with a financial transaction with the Islamic Republic in US dollars. Deutsche Bank says it will now cooperate with the authorities, though it had previously refused to comment on the allegations.

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