{"id":12456,"date":"2013-11-10T12:39:59","date_gmt":"2013-11-10T11:39:59","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=12456"},"modified":"2013-11-10T13:25:20","modified_gmt":"2013-11-10T12:25:20","slug":"deutsche-borse-to-pay-152m-to-settle-iran-allegations","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/deutsche-borse-to-pay-152m-to-settle-iran-allegations\/","title":{"rendered":"Deutsche B\u00f6rse To Pay $152M To Settle Iran Allegations"},"content":{"rendered":"

Deutsche B\u00f6rse, Europe\u2019s largest exchanges operator by market value, has agreed to pay $152m to settle allegations by Washington that its Clearstream settlement business may have violated US sanctions on Iran.<\/p>\n

The Frankfurt-based group accepted an offer made last week by the Office of Foreign Assets Control, part of the US government, to end an investigation. The sum is less than half the $340m Deutsche B\u00f6rse had indicated to investors in January the settlement could total.<\/p>\n

The OFAC had been examining Deutsche B\u00f6rse\u2019s Clearstream settlement and custody business, which settles trades for customers by swapping assets for cash. The agency, which enforces economic and trade sanctions, was looking at transfers within an omnibus account in the US run by Clearstream after it decided to close its Iranian customers\u2019 accounts.<\/p>\n

It is the latest settlement levied by the OFAC on financial institutions around the world over alleged sanctions violations. Last year Standard Chartered, the British bank, paid $132m to settle allegations.<\/p>\n

The OFAC had offered Deutsche B\u00f6rse a choice of receiving a \u201cpre-penalty notice\u201d \u2013 often a prelude to a civil financial penalty \u2013 of $168.8m. Alternatively, it would apply a 10 per cent discount for a total settlement. In response last week, the exchanges operator said: \u201cA settlement with OFAC would not constitute a final determination that a violation has occurred.\u201d<\/p>\n

Deutsche B\u00f6rse made a provision of \u20ac114.8m in its third-quarter results last week. Clearstream is central to its growth strategy as tighter regulations require more derivatives trades to be backed by collateral, or insurance for trading. Clearstream has more than \u20ac11tn of assets under custody.<\/p>\n

Deutsche B\u00f6rse 07.11.2013.doc<\/a><\/p>\n

\"Clearstream<\/p>\n","protected":false},"excerpt":{"rendered":"

Deutsche B\u00f6rse, Europe\u2019s largest exchanges operator by market value, has agreed to pay $152m to settle allegations by Washington that its Clearstream settlement business may have violated US sanctions on Iran. The Frankfurt-based group accepted an offer made last week … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[22,13],"tags":[],"class_list":["post-12456","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t