Commerzbank to Pay $1.45 Billion


Germany's Commerzbank has agreed to a $1.45 billion in a settlement with US and New York state regulators over allegations of sanctions and banking violations.

“When there was profit to be made, Commerzbank turned a blind eye to its anti-money laundering compliance responsibilities,” said Benjamin Lawsky, New York State's Superintendent of Financial Services.

In a statement released Thursday, CEO of Commerzbank, Martin Blessing reportedly said, "We take these violations very seriously and deeply regret the actions that led to today's announcements."

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