Bloomberg News

Commerzbank to Fix Money-Laundering Controls After Review

June 14, 2012

Commerzbank AG (CBK), Germany’s second- largest lender, agreed to improve its anti-money laundering program after Federal Reserve examiners determined the bank failed to establish internal controls in its New York branch.

Commerzbank will submit a plan to the Fed within 60 days detailing how it will revise its program for monitoring bulk cash transactions and improve due diligence on customers, according to an enforcement action the regulator released today.

The bank will also hire a consultant to perform a review of transactions going back to September 2010 and report any suspicious activity. The German lender will review currency transactions in that period to ensure proper reports were filed with regulators.

“Commerzbank has committed to take all necessary measures to comply with the additional compliance and reporting requirements agreed with U.S. regulators,” Margarita Thiel, a spokeswoman for the Frankfurt-based bank, said in an e-mailed statement.

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus