On March 12, 2015, the Federal Reserve Board announced a $200 million civil money penalty and issued a cease and desist order against Commerzbank AG due to violations of the Bank Secrecy Act and other anti-money laundering laws, as well as certain US sanctions requirements. Commerzbank, along with its US branch, will be required to implement an enhanced global compliance program going forward. The Federal Reserve Board order is issued in conjunction with actions from the US Department of Justice, the US Department of Treasury's Office of Foreign Assets Control, the New York County District Attorney's Office, and the New York Department of Financial Services, with total fines totaling $1.71 billion.
The Federal Reserve Board press release is available at: http://www.federalreserve.gov/newsevents/press/enforcement/20150312b.htm.
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