The United States Department of Justice (DoJ) has announced that global financial institution Commerzbank AG and its US branch have agreed to enter into a deferred prosecution agreement (10 March 2015) and pay a cumulative amount of US$1.45 billion in penalties in relation to the bank's fraudulent activity and willful failure to have an effective anti-money laundering program.
According to the DoJ, Commerzbank AG:
- processed and concealed transactions on behalf of Sudanese and Iranian businesses subject to US sanctions; and
- willfully enabled Japanese manufacturer Olympus Corporation to commit a multibillion-dollar accounting fraud.
The US$1.45 billion is payable to several bodies including the DoJ criminal division, the New York State Department of Financial Services, the New York County District Attorney's Office, the Board of Governors of the Federal Reserve System and the Department of the Treasury of foreign assets control office.
DoJ's media release (12 March 2015)
Related news item:
The New York Times: Commerzbank of Germany to Pay $1.5 Billion in U.S. Case (12 March 2015)
(Source: DoJ; The New York Times)
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