Financial Times FT.com

US steps up probe of EU banks

By Stephanie Kirchgaessner in Washington

Published: August 29 2007 22:20 | Last updated: August 29 2007 22:20

The US justice department and other authorities have stepped up investigations into several large European banks for violating US sanctions against Iran, Libya, Cuba and Sudan.

One person familiar with the probes said some banks had started to discuss settlements with the authorities and could agree to financial penalties by the end of the year.

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