Probe Launched against Commerzbank over Money Laundering Allegations

German banking giant Commerzbank AG has been placed in the crosshairs of US monetary authorities, culminating in the launch of

commerzbank_logoGerman banking giant, Commerzbank AG, has been placed in the crosshairs of US monetary authorities, culminating in the launch of a probe for alleged violations of US money laundering laws.

Commerzbank is the second largest lender in Germany and a bellwether institutional bank, whose business spans fixed income, credit, forex and other financial services.

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As US authorities sharpen their teeth and clamp down on illicit activity, Commerzbank has found itself in the regulatory path for money laundering, tax evasion and sanctions violations. 

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Earlier this month, US authorities and Commerzbank were slated to reach a settlement for up to $650 million, given the banks unauthorized dealings with Iran and other countries.

Adding fuel to the fire, US regulators are now launching an investigation into the alleged money laundering of Commerzbank’s business. The bank is hardly the first such example in a recent string of regulatory activity – BNP Paribas has had to reconcile nearly $9 billion following the violation of sanctions with Sudan, Myanmar, Cuba and Iran.

 

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