Commerzbank AG has agreed to pay a total of $1.45 billion in penalties to state and federal authorities to settle violations of sanctions imposed on countries such as Iran and Sudan by the United States.
Commerzbank was accused of moving $263 million through the U.S. financial system on behalf of Iranian and Sudanese entities, and engaged in this conduct using numerous schemes designed to conceal the true nature of the illicit transactions from U.S. regulators, according to the U.S. Justice Department.
The bank agreed to forfeit $563 million, pay a $79 million fine and enter into a deferred prosecution agreement with the Justice Department. It will also pay $200 million to the U.S. Federal Reserve, $610 million to the New York State Department of Financial Services, and $258 million to the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
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