Commerzbank AG Admits to Sanctions and Money Laundering Violations and to $1.45 Billion Fine

On March 12, 2015, Commerzbank AG, an international financial institution headquartered in Frankfurt, Germany, and its U.S. branch, Commerzbank AG New York Brank (Commerz New York), have agreed to forfeit $563 million, pay a $79 million fine and enter into a deferred prosecution agreement with the U.S. Department of Justice (DOJ) for violations of the International Emergency Economic Powers Act (IEEPA) and the Bank Secrecy Act (BSA).  The bank has also concluded settlement agreements with the Treasury Department’s Office of Foreign Assets Control (OFAC), the Board of Governors of the Federal Reserve System, and the New York State Department of Financial Services (DFS).