06 Feb 2020
Britain’s Metro Bank has hired a law firm to help it investigate payments routed through the bank that breached U.S. sanctions, a regulatory filing showed.
One Metro bank customer was subject to U.S. sanctions on Cuba, while another received payments from Iran, the bank said.
The Evening Standard newspaper reported on Tuesday that Metro Bank appointed law firm DLA Piper to conduct the review, which will look into how the lender’s internal controls were breached.
Metro Bank declined to comment.
The bank notified U.S. regulators in 2017 about the sanctions breaches, according to a prospectus it released in September while raising funds.
Metro could face a fine proportional to the amount of money handled.
By Iain Withers and Sinead Cruise, Reuters, 5 February 2020
Read more at Reuters
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