• Recent Developments in BSA/AML and Sanctions: Commerzbank AG Settles Criminal and Civil BSA/AML and Sanctions Charges with U.S. Government
  • May 8, 2015 | Authors: Nicolas Bourtin; H. Rodgin Cohen; Elizabeth T. Davy; Mitchell S. Eitel; Jared M. Fishman
  • Law Firm: Sullivan & Cromwell LLP - New York Office
  • On March 12, 2015, Commerzbank AG (“Commerzbank”), Germany’s second largest bank, reached a multi-agency criminal and civil resolution of allegations that Commerzbank engaged in a practice of remitting “non-transparent” cross-border payments involving sanctioned clients through its New York branch (“Commerzbank New York”) and Bank Secrecy Act (“BSA”)/anti-money laundering (“AML”) compliance failures.