Commerzbank AG (CBKG.DE)
23 Jan 2017
Latest Key Developments (Source: Significant Developments)
Commerzbank AG announces agreements with US authorities regarding sanctions and money laundering violations
Commerzbank AG:Announces agreements with U.S. authorities regarding sanctions and money laundering violations.Built adequate reserves as discussions with authorities progressed.Will book additional one-off charge of 338 million euros in Q4 2014 for these settlements. Full Article
Commerzbank AG:Is nearing an agreement to pay U.S. authorities more than $1.4 bln to settle allegations it violated U.S. sanctions and a separate investigation that stemmed from the Olympus Corp accounting scandal - Reuters.The accord, which would suspend criminal charges in a deferred prosecution, could come as soon as next week.The U.S. Justice Department and other U.S. authorities involved declined to comment.The other agencies include the U.S. Department of Treasury, the Federal Reserve, the Manhattan District Attorney's office, the U.S. Attorneys in Washington, D.C. and Manhattan, and New York's financial regulator, the Department of Financial Services.The bank is expected to pay $718 mln in connection with the probe of sanctions-related violations.Commerzbank was accused of knowingly banking for the Islamic Republic of Iran Shipping Lines, a state-sponsored shipping line designated for economic sanctions by the U.S. in 2008 for supporting Iran's proliferation of weapons of mass destruction3.The Justice Department would split $342 mln with the Manhattan District Attorney's office over the sanctions-related case, the source said, while New York's Department of Financial Services would receive $310 mln, and the Federal Reserve $66 mln.Penalties imposed by the Treasury Department’s Office of Foreign Assets Control would be deemed satisfied by the $342 mln.Commerzbank will likely pay another $600 mln over the Olympus-related probe of Bank Secrecy Act violations. Full Article
PARIS France's Societe Generale said on Friday it has agreed to sell its German online broker Onvista AG to Commerzbank's online banking unit Comdirect bank AG, as part of its plan to focus on its core and profitable operations.