Home » Commerzbank: 1.45 million euros fine for money laundering violations

Commerzbank: 1.45 million euros fine for money laundering violations

by admin
Commerzbank: 1.45 million euros fine for money laundering violations

“The bank was constantly in close contact with the responsible supervisory authority,” said a Commerzbank spokeswoman. Of course, the bank complied with Bafin’s requirements. picture alliance / Sipa USA | PRESSCOV

Commerzbank has to pay 1.45 million euros in fines due to deficiencies in money laundering prevention.

Bafin accuses Commerzbank and its online subsidiary Comdirect Bank of violating supervisory obligations.

A spokeswoman for Commerzbank emphasizes that the necessary process adjustments and data updates were completed in 2022.

Commerzbank has to pay millions in fines due to deficiencies in money laundering prevention. The Federal Financial Supervisory Authority (Bafin) imposed fines totaling 1.45 million euros. Both Commerzbank AG and its online subsidiary Comdirect Bank, which was fully taken over in 2020, had violated supervisory obligations, Bafin announced on Monday. “As a result of inadequate monitoring, employees violated anti-money laundering obligations by not updating customer data on time or sufficiently and by taking inadequate internal security measures.” In addition, in three cases the increased due diligence requirements were not adequately implemented due to breaches of supervisory obligations.

A spokeswoman for Commerzbank explained that the necessary process adjustments and data updates had already been fully completed in 2022. This happened as part of the integration of the online subsidiary Comdirect Bank into the group. As a result, the regulations for verifying the legitimacy of new customers as well as the processes and controls for updating customer data at Comdirect were checked, which led to rework. The bank is in constant and close contact with the responsible supervisory authority, the spokeswoman emphasized. Of course, Commerzbank met Bafin’s requirements.

See also  There is a new green in the show, there is a Weilan in the heart_TOM News

According to Bafin, the fine notice has been legally binding since March 28th.

AA/dpa

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy