Reuters: Regulatory News: Commerzbank had anti-money laundering lapses-Fed

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Commerzbank had anti-money laundering lapses-Fed Jun 14th 2012, 14:59 WASHINGTON, June 14 | Thu Jun 14, 2012 10:59am EDT WASHINGTON, June 14 (Reuters) - The Federal Reserve on Thursday said the U.S. branch of German bank Commerzbank AG had lapses in its anti-money laundering systems that are supposed to prevent the flow of shadowy funds through the U.S. financial system. The Fed and the bank have entered into an agreement requiring the Commerzbank to take steps to clean up its anti-money laundering programs. The Fed did not fine the bank for the shortcomings.

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