Five federal and New York State regulators sanctioned Commerzbank AG for violating various federal and state laws aimed to ensure compliance with US sanctions against specified countries and individuals, and other anti-money laundering requirements. Among other things, the regulators charged that, from at least 2002 to 2007, certain business lines within Commerzbank developed and followed procedures that deleted or caused certain information not to be included that permitted the processing of US dollar-denominated funds transfers through its NY branch or unaffiliated US financial institutions without an assessment of whether the transactions complied with applicable regulations of the Office of Foreign Assets Control of the US Department of Treasury. The bank was also charged with failing to adequately oversee its NY branch to ensure its compliance with applicable AML and Bank Secrecy Act requirements, to provide timely and accurate information to regulators regarding transactions of foreign customers through the NY branch, and with inhibiting efforts of personnel in the NY branch to strengthen transaction monitoring. Among other sanctions, Commerzbank agreed to pay aggregate penalties of US $1.71 billion; to implement a program to ensure its compliance with applicable BSA and AML requirements; and to terminate four employees “who played central roles in the improper conduct.” The five regulators involved in this action are the Board of Governors of the Federal Reserve System, the US Department of Justice, the District Attorney for the County of New York, OFAC and the New York State Department of Financial Services.