New York fines Commerzbank $1.45 billion for transactions with Iran, Sudan, Japan
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Commerzbank will pay for Banking Law violations in connection with transactions on behalf of Iran, Sudan, and a Japanese corporation that engaged in accounting fraud.
Bank employees helped facilitate transactions for sanctioned clients such as Iran and Sudan, and a company engaged in accounting fraud.
Superintendent Lawsky said: "When there was profit to be made, Commerzbank turned a blind eye to its anti-money laundering compliance responsibilities. Bank employees helped facilitate transactions for sanctioned clients such as Iran and Sudan, and a company engaged in accounting fraud.
$60,000 clearing transactions valued at over $253 billion on behalf of Iranian and Sudanese entities.
From at least 2002 to 2008, Commerzbank used a series of measures – including stripping out information identifying clients subject to U.S. sanctions (wire-stripping) – to process $60,000 clearing transactions valued at over $253 billion on behalf of Iranian and Sudanese entities.
Additionally, deficiencies in Commerzbank's anti-money laundering compliance program resulted in Commerzbank's facilitation of numerous payments through the Bank's New York Branch that furthered a massive accounting fraud by the Olympus Corporation, a Japanese optics and medical device manufacturer.
You can read the whole explanation here. ■