Violation Tracker Individual Record

Company: 
Commerzbank
Current Parent Company: 
Commerzbank
Penalty: 
$610,000,000
Year: 
2015
Date: 
March 12, 2015
Primary Offense: 
economic sanction violation
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 Parent: 
Germany
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.