Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Britain's Metro Bank hires lawyers over Cuba and Iran sanctions breaches

Stock MarketsFeb 05, 2020 04:56AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Britain's Metro Bank hires lawyers over Cuba and Iran sanctions breaches

LONDON (Reuters) - 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.

DLA Piper did not immediately respond to a request for comment.

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.

The disclosures follow a turbulent period for Metro Bank, after a major accounting error disclosed last January triggered a share price crash and the departure of its chairman and chief executive.

Metro Bank shares have fallen 90% since it disclosed the problems.

Britain's Metro Bank hires lawyers over Cuba and Iran sanctions breaches
 

Related Articles

Climate protestors disrupt Shell shareholder meeting
Climate protestors disrupt Shell shareholder meeting By Reuters - May 24, 2022

LONDON (Reuters) - A couple of dozen climate protestors disrupted Shell (LON:RDSa)'s annual general meeting (AGM) on Tuesday, chanting slogans and holding banners as Shell Chair...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email