Commerzbank spends 600 million euros on compliance, driven by U.S. monitor – Q4 results
20 Feb 2019

Commerzbank’s compliance function, helped by the demands of a U.S. monitor, has come at a cost of 600 million euros since 2015 and reduction in both products and customer reach, the bank said.

This includes an international anti-money laundering and sanctions compliance programme, it said in its Q4 results today.

“We have established a sound and robust compliance framework and made significant investment in terms of both money and [full time employees],” said Stephen Engels, chief financial officer, Commerzbank, noting that headcount in compliance had now risen to more than 700 staff in 50 countries.

The framework includes a AML and sanctions compliance programme, monitoring and sanctions screening, the definition and roll-out of international know-your-customer processes, he said.

– By Alex Davidson, Reuters, 19 February 2019.

Link to Reuters

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