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Commerzbank fiasco offers lessons to compliance and boards

Commerzbank's $1.45 billion fine for US banking law violations is a stark reminder of the consequences of gaping holes in a firm's governance structure. The bank will now be under intense scrutiny to meet the remediation terms of its three-year deferred prosecution agreement.

a photo of the commerzbank building in frankfurt
Commerzbank hit with $1.45bn fine

A $1.45 billion penalty for Commerzbank for violating US sanctions and allowing suspicious transactions on behalf of a client has turned the spotlight on the German bank's compliance failures. But bank boards everywhere also have something to learn from the case, consultants say.

And that is: to listen to their compliance teams, or risk losing their jobs if their neglect exposes the business to

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Emerging trends in op risk

Karen Man, partner and member of the global financial institutions leadership team at Baker McKenzie, discusses emerging op risks in the wake of the Covid‑19 pandemic, a rise in cyber attacks, concerns around conduct and culture, and the complexities of…

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