Commerzbank will pay fines as part of a global settlement with a number of US authorities in relation to an investigation of alleged breaches of US sanctions regulations relating to Iran, Sudan, Burma and Cuba,

Commerzbank will pay:

 – US$258.7m to the US Treasury’s Department of the Office of Foreign Assets Control (OFAC) to settle its potential civil liability for the alleged sanctions breaches;

 – US$200m to the Federal Reserve relating to violations of U.S. sanctions, the Bank Secrecy Act, and other anti-money laundering laws;

 – US$563m in forfeiture and US$79m as a fine to the Department of Justice (DoJ) and the bank has also entered into a deferred prosecution agreement;

 – US$610m to the Department of Financial Services (DFS);

 – US$300m to the U.S. Attorney’s Office for the Southern District of New York; and

 – US$172m to the Manhattan District Attorney’s Office.

Commerzbank will also

• Implement policies to minimise the risk of the breaches reoccurring and has agreed to a compliance review.

read more

1. Copies of the OFAC settlement agreement, http://1.usa.gov/1Mxv15y
2. OFAC’s press release, http://1.usa.gov/1EpwXcC
3. DOJ’s press release, http://1.usa.gov/19giIN7
4. Federal Reserve’s press release and http://1.usa.gov/1BISZWS
5. The Department of Financial Services’ press release are available http://on.ny.gov/1NZgxgC