Financial Times reports that US authorities have begun investigating UniCredit, Italy’s largest bank by assets, for ignoring sanctions recently imposed on Iran. Documents recently published by the bank reveal that the investigation is focused on UniBank’s work in numerous ‘prohibited countries,’ and a person familiar with the situation fingered UniBank’s work in Iran as the impetus for the investigation, according to the FT.
UniBank represents the latest foreign entity US regulators have investigated for involvement with Iran, including the Royal Bank of Scotland and Standard Charter, the latter of which recently agreed to pay a $340 million fine for its transgressions.
