ALBANY, N.Y. – New York's financial regulators say Commerzbank will pay $1.45 billion, terminate some employees and install an independent monitor because of banking law violations in dollar-clearing transactions on behalf of Iran, Sudan, and a Japanese corporation that engaged in accounting fraud.
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The penalty includes $610 million to New York's Department of Financial Services, $300 million to federal prosecutors in Manhattan, $200 million to the Federal Reserve, $172 million to the Manhattan district attorney and $172 million to the U.S. Justice Department.
Department Superintendent Ben Lawsky says Commerzbank "turned a blind eye to its anti-money laundering compliance responsibilities" when there was money to be made.
The bank did not immediately reply to a request for comment.
The department says from 2002 to 2008, Commerzbank hid information identifying clients subject to U.S. sanctions.