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."

More here: http://news.morningstar.com/all/dow-jones/europe/2015031210363/commerzbank-to-settle-us-allegations-of-sanctions-and-money-laundering-violations-update.aspx

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