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Deutsche Boerse AG's Clearstream Banking S.A. Updates on OFAC Investigation


Monday, 28 Oct 2013 02:13pm EDT 

Deutsche Boerse AG announced that the United States Treasury Department's Office of Foreign Assets Control ('OFAC') has notified Clearstream Banking S.A. ('Clearstream'), a 100% subsidiary of Deutsche Boerse AG, that following Clearstream's ongoing discussions with OFAC since learning of OFAC's indicative penalty in January 2013, OFAC has closed its investigation of possible violations of United States sanctions. OFAC has informed Clearstream that if it were to issue a formal pre-penalty notice at this time, such notice would include a penalty of USD 168,780,000. Clearstream has the option to settle the matter with OFAC, in which case a 10% discount would apply for a total settlement payment of USD 151,902,000. Within the scope of its investigation, OFAC had looked into Clearstream's maintenance of an omnibus account in the United States and certain securities transfers within the Clearstream settlement system in 2008. These transfers had related to the decision taken by Clearstream in 2007 to close its Iranian customers' accounts. Deutsche Boerse AG has already informed about this matter by way of an ad hoc disclosure on January 9, 2013. A settlement with OFAC would not constitute a final determination that a violation has occurred. 

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