Lack of money-laundering-control: million penalty for Commerzbank in the UK

The British financial market authority FCA has imposed on Commerzbank in a fine of 38 million pounds (42 million euros) for defects in the Anti-money laundering

Lack of money-laundering-control: million penalty for Commerzbank in the UK

The British financial market authority FCA has imposed on Commerzbank in a fine of 38 million pounds (42 million euros) for defects in the Anti-money laundering-business policies. "Commerzbank London these were weaknesses and it has failed to take reasonable and effective steps to remedy the deficiencies," wrote the authority on Wednesday.

Philip Plickert

economic correspondent based in London.

F. A. Z.

Hanno Mußler

editor in the economy.

F. A. Z.

The FCA have the London Commerzbank 2012, 2015 and 2017 on the lack of Fuses shall be liable raised against money laundering. A significant number of customers had not been to the "Know your client"rules are checked. In March 2017 1772 customers were overdue a Review.

in 2015, I knew, Commerzbank, at a 40 "high-risk" countries for laundering money, and at 1100 "high risk customers" were not used in transactions with the necessary tools to Monitor. Meanwhile, the Commerzbank have taken decisive steps to mend its ways. Because of their early cooperation, there is a 30-percent discount on the penalty. Otherwise, you would have had to pay the Bank for 54 million pounds.

Updated Date: 17 June 2020, 14:19

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