Reuters reported that Commerzbank AG has agreed to pay U.S. authorities $1.45 billion to resolve sanctions violations, the latest big European bank to acknowledge moving funds through the U.S. financial system for countries like Iran and Sudan.

Reuters also noted that prosecutors found Germany’s No. 2 lender did not comply with U.S. anti-money laundering laws that require detecting and reporting suspicious transactions in a probe stemming from an accounting scandal at Japan’s Olympus Corporation.

According to Reuters, prosecutors said Commerzbank allowed more than $1.6 billion in suspicious transactions connected to the Olympus fraud to flow through the New York office, violating the Bank Secrecy Act, the main U.S. anti-money laundering law.

To view the full Reuters report, click here.

Previously on monitordaily: SEC Settles Charges with Banker Over Olympus Accounting Fraud