German Bank To Pay $650M To U.S. Regulators

According to Reuters, Commerzbank AG will soon agree to pay about $650 million to U.S. authorities over sanctions-related violations. Half will to New York’s Department of Financial Services, which has primary responsibility for regulating the bank. The settlement will deal with allegations that Commerzbank improperly processed transactions with Iran and other countries facing U.S. sanctions. It will include an agreement to fire several executive-level employees. “If you’re not holding individuals accountable, you’re not going to get the full effects of deterrence,” said Benjamin Lawsky, superintendent of the department.