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US Hits German Bank With $1.45B in Penalties

The U.S. Department of Justice on Thursday ordered Germany's Commerzbank bank and its U.S. affiliates to pay $1.45 billion in penalties for violations of U.S. sanctions law and for a multibillion-dollar securities fraud. A department statement said Commerzbank, Germany's second-largest bank, admitted and accepted responsibility for its criminal conduct in violations of the International Emergency Economic Powers Act and the Bank Secrecy Act. It said Commerzbank admitted...

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