German Unit of UniCredit SpA Pleads Guilty to Sanctions Charges

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A German unit of Italian bank UniCredit SpA pled guilty on Monday to violating United States sanctions against conducting business with Iranian customers.

The U.S. Justice Department says that since 2002 HypoVereinsbank moved $393 million through the U.S. financial system on behalf of sanctioned Iranian entities. The firm also conducted business in sanctioned countries including Cuba, Libya, Myanmar and Sudan. UniCredit SpA’s Austrian unit has entered a deferred prosecution agreement for the same violations.

The bank has agreed to a settlement of $1.3 billion, the largest ever for a violation of U.S. sanctions laws.

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