US judge approves deferred prosecution deal with Commerzbank

Fortune

A federal judge on Friday formally approved a settlement between the U.S. government and German bank Commerzbank AG to resolve sanctions and anti-money laundering violations.

Commerzbank struck a deferred prosecution deal with the Justice Department in March to settle charges that it illegally moved funds through the United States for countries like Iran and Sudan.

The bank was also accused of failing to comply with anti-money laundering laws that require banks to detect and report suspicious activities in connection with a probe into accounting scandal at the Japanese company Olympus.

To resolve the case, the bank is required to collectively pay $1.45 billion in penalties to the Manhattan District Attorney, the New York state Department of Financial Services, the Federal Reserve, Treasury Department, and the U.S. Department of Justice, with U.S. Attorneys’ offices in New York and Washington, D.C.

Both U.S. and New York prosecutors agreed to defer the criminal…

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