Judge approves Commerzbank sanctions deal


Commerzbank and government lawyers gained federal court approval of a $1.45bn agreement to defer prosecuting the lender for violating U.S. laws, including sanctions on doing business with Iran and Sudan.

Bloomberg News reports that under the accord, the lender will pay penalties to government agencies including the Manhattan District Attorney’s office, the Federal Reserve and the Treasury Department. The bank conceded the allegations, which included aiding accounting fraud at Olympus Corp.

The bank and its New York unit must continue reforms of its anti-money laundering compliance program and cooperate with the government for three years before charges against it are dropped.

To access the complete Bloomberg News article hit the link below:

Commerzbank $1.45 Billion Sanctions Accord Approved by Judge

Why Deep-Pocketed American Moguls Are Backing Metro Bank’s Hill

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News