Commerzbank Deferred Prosecution Agreement

Commerzbank Deferred Prosecution Agreement

The New York County Attorney`s Office also announced today that Commerzbank has entered into a deferred prosecution agreement and, in presenting the facts, Commerzbank acknowledged that it had violated New York State law by falsifying the records of New York financial institutions. In addition, the Board of Governors of the Federal Reserve System announces that Commerzbank has accepted a recruitment injunction and failure to take certain corrective measures to ensure compliance with U.S. law in its day-to-day operations and to pay a civil fine of $200 million. The State Department of Financial Services of New York (DFS) announces that Commerzbank has agreed to pay a $610 million fine to the DFS. OFAC also imposed a fine of US$258.6 million, which is covered by payments to the Ministry of Justice. In total, Commerzbank will pay a $1.45 billion fine. The U.S. Department of Justice postpones prosecutions for 3 years A four-meter criminal information was filed today in the District of Columbia, which accuses Commerzbank of knowingly and deliberately committing offences against IEEPA and Commerz New York with three BSA offences for failing to deliberately implement an effective anti-money laundering (AML) program that did not intentionally cause due diligence on their foreign correspondents` accounts. and cannot submit suspicious activity reports. Assuming that the Bank continues to comply with the adjourned prosecution agreement, the government has agreed to postpone the proceedings for three years, after which the government will attempt to dismiss the charges. “Today, Commerz New York is charged with crimes under the Bank Secrecy Act for its serious institutional failures in the fight against money laundering, which have made it a channel of more than $1 billion of Olympus fraud,” said U.S. Attorney Bharara. “These criminal prosecutions follow a years-long investigation and an admission of guilt by a former Employee of Commerzbank De Singapore who helped set up olympus fraud.

Institutions, not just individuals, are required to comply with the law and, in particular, anti-money laundering laws are essential for financial institutions. With today`s decision, the Bank has taken responsibility for a detailed statement of facts as part of a law enforcement agreement, has agreed to continue reforming its anti-money laundering practices and will pay $300 million to victims of Olympus fraud. In concluding the deferred prosecution agreement, Commerzbank admitted responsibility for his criminal conduct in violation of IEEPA and Commerz New York admitted his criminal conduct in violation of the BSA. Commerzbank also agreed to pay US$263 million in forfeiture and a us$79 million fine for IEEPA offences and to pay US$300 million in connection with BSA offences paid to victims of a multi-billion euro securities fraud scheme that could be exploited through Commerzbank. Commerzbank also expressed its readiness to carry out strict internal controls and to cooperate fully with the Ministry of Justice, including by reporting criminals. Despite the enormity of the alleged offences, the ACF has consistently granted a 30% discount as part of its executive resolution procedures, in light of the Bank`s agreement to resolve the matter at an early stage. Without the rebate, the fine would be $54,007,800.

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