US banking violations: Commerzbank to pay $1.45bn in penalties
March 13 , 2015
One of the largest German banks, Commerzbank, will pay $1.45 billion to American authorities in penalties for its violation of economic sanctions against Iranian and Sudanese businesses.
This penalty is also levied for money laundering-linked charges.
Commerzbank was accused of “[turning] a blind eye” to such illegal practices .
The bank CEO Martin Blessing said that his company took violations, which had been pointed out, “very seriously”. He pledged to “address the deficiencies identified” by the authorities in the US.