Commerzbank fiasco offers lessons to compliance and boards

Governance failures and weak compliance at heart of $1.45bn fine

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 fines and years of closer – and potentially very costly – regulatory scrutiny.

"Shareholders are not

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Investment banks: the future of risk control

This survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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