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Violation Tracker Individual Record

Company: Commerzbank
Current Parent Company: Commerzbank
Penalty: $610,000,000
Year: 2015
Date: March 12, 2015
Offense Group: financial offenses
Primary Offense: economic sanction violation
Mega-Scandal: Sanctions Violations
Violation Description: Commerzbank agreed to pay a $610 million penalty to the Department of Financial Services,, terminate individual employees who engaged in misconduct, and install an independent monitor to resolve allegations that it engaged in transactions on behalf of countries such as Iran and Sudan that were subject to U.S. economic sanctions as well as a Japanese corporation that engaged in accounting fraud. At the same time, the bank resolved criminal cases brought by the U.S. Justice Department and the Manhattan District Attorney's Office.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
HQ Country of Current Parent: Germany
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.