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Commerzbank receives fines for money laundering violations
Bafin imposes a fine of 1.45 million euros on Commerzbank for preventing money laundering. Find out more about the bank's current developments and measures. #Bafin #Commerzbank #money laundering #punishment
Commerzbank receives fines for money laundering violations
The German financial supervisory authority BaFin has imposed a fine totaling 1.45 million euros on Commerzbank due to deficiencies in money laundering prevention. It was found that in the bank and its former subsidiary Comdirect, customer data was not updated in a timely or sufficient manner until November 2020, internal security measures were inadequate and in three cases due diligence obligations were not fulfilled. These violations were classified as “administrative offenses.”
According to the Money Laundering Act, credit institutions are obliged to identify their customers at the beginning of a business relationship and to document this information. In addition, addresses must be updated regularly. If there are increased risks, special precautions must be taken. Commerzbank stated that the data has been updated since 2022 and the revised legitimacy check and data update processes have been fully completed following the integration of Comdirect.
In recent years, BaFin has increasingly monitored compliance with anti-money laundering requirements at banks and payment service providers. Since September 2018, a special representative has been appointed at Deutsche Bank due to deficiencies in the fight against money laundering, whose mandate has been extended several times. Weaknesses in customer identification (“KYC”) were also identified at several fintechs.