Google+ Followers

Thursday, 22 December 2016

Exclusive: Commerzbank joins peers in paring back services to Gulf | Reuters

Exclusive: Commerzbank joins peers in paring back services to Gulf | Reuters:
"Commerzbank (CBKG.DE) has told customers in the Gulf it will no longer process their transactions in euros, four Gulf banking sources say, joining other big banks that cut such services after being fined for dealings with Iran.

Major U.S. and European peers have been tightening risk controls in the region after U.S. regulators imposed billions of dollars of penalties on banks in recent years over lapses relating to money laundering and terror financing.

The Gulf, as a close neighbor of Iran and Syria which are subject to U.S. sanctions, has come under close scrutiny from regulators at the same time as an oil price slump has made doing business in the region less profitable."

'via Blog this'