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$1.45B Commerzbank Settlement Hits AML Controls

Jaclyn Jaeger | March 13, 2015

Germany-based Commerzbank, and its U.S. branch, Commerz New York, will pay a total of $1.45 billion in penalties to resolve criminal charges for violations of the International Emergency Economic Powers Act and the Bank Secrecy Act. The settlement provides a litany of lessons on the importance of implementing proper anti-money laundering and sanctions controls—and what can happen if you don’t.  

Commerzbank will forfeit a total of $563 million and pay a $79 million fine to the Department of Justice. Of the $563 million in forfeiture, Commerzbank will pay $263 million in forfeiture for the International Emergency Economic Powers Act (IEEPA) violations, and $300 million in forfeiture in connection with the Bank Secrecy Act (BSA) violations, which will be remitted to the victims of a multi-billion dollar securities fraud scheme that was...

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