Italy’s biggest bank, UniCredit SpA (UCG) has said that its HypoVereinsbank unit is being investigated by the US authorities for possible violations of economic sanctions.

UniCredit said that its HypoVereinsbank is now cooperating with the investigators investigations by the New York County District Attorney’s Office, the U. S. Department of Justice and the U. S. Treasury Department’s Office of Foreign Assets Control.

The investigations are relating to US- sanctioned persons and companies. The company had disclosed the disclosed the probes in its financial statements in 2011 disclosed the probes in its 2011. According to a media report, the authorities in the US are probing possible violations of sanctions that target business with Iran. The US and western allies accuse Iran of working on developing a nuclear weapon, which Iran denies. The Islamic republic maintains that its nuclear program is for peaceful purpose.

UniCredit SpA had acquired HVB in 2005 and now operates as UniCredit Bank AG. The unit is also carrying out its own review of compliance with the US laws and regulations. The bank said that the investigations and the review are ongoing and did not comment further.

The US authorities have also targeted other banks like Standard Chartered Plc and HSBC Holdings Plc for violations of sanctions.