Commerzbank pays $1.45bn for US sanctions and AML breaches

Commerzbank, Germany’s second-biggest lender, has paid US$1.45bn to US authorities for violations of US sanctions and the Bank Secrecy Act (BSA). Under a consent order with the New York Department of Financial Services, the bank will engage a monitor for two years to oversee remediation of its BSA/AML and OFAC (Office of Foreign Assets Control) compliance programmes, policies and procedures.