Regulatory Enforcement

BaFin fines Commerzbank $1.6M over supervision, AML lapses

By 2024-04-23T15:57:00

Commerzbank

Germany’s financial supervisory authority issued total fines of 1.45 million euros (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering (AML) controls, along with breaches of its supervisory duty and enhanced due diligence requirements.

BaFin announced Monday fines of €375,000 (U.S. $400,000) and nearly €1.1 million (U.S. $1.2 million) against Commerzbank. The alleged violations related, in part, to issues at Comdirect Bank AG, to which Commerzbank is the universal successor.

Employees violated AML obligations by “not updating customer data on time or sufficiently and by taking inadequate internal security measures,” according to a translated fine notice published by BaFin. The regulator said because of the breach of supervisory duty, enhanced due diligence requirements were inadequately applied in three cases.

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