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| Commerzbank to pay $1.45bn for US banking violations | Commerzbank to pay $1.45bn for US banking violations |
| (35 minutes later) | |
| Germany's second-largest bank, Commerzbank, has agreed to pay a total of $1.45bn (£980m) to US authorities for violating economic sanctions against businesses in Iran and Sudan. | Germany's second-largest bank, Commerzbank, has agreed to pay a total of $1.45bn (£980m) to US authorities for violating economic sanctions against businesses in Iran and Sudan. |
| The penalty also includes charges relating to money laundering carried out on behalf of Japanese firm Olympus. | The penalty also includes charges relating to money laundering carried out on behalf of Japanese firm Olympus. |
| Regulators said Commerzbank had "turned a blind eye" to illegal practices. | Regulators said Commerzbank had "turned a blind eye" to illegal practices. |
| The bank's chief executive, Martin Blessing, said his firm took the violations "very seriously". | The bank's chief executive, Martin Blessing, said his firm took the violations "very seriously". |
| He added that Commerzbank would make "changes to our systems, training and personnel to address the deficiencies identified by US and New York authorities". | |
| In a statement announcing the penalty, Benjamin M. Lawsky, the superintendent of New York's Department of Financial Services (DFS), highlighted that Commerzbank employees had "sought to alter the Bank's transaction monitoring system so that it would create fewer 'red flag' alerts about potential misconduct". | |
| This, Mr Lawsky said, "highlights a potential broader problem in the banking industry". |