- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-04-23T15:57:00
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.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
German financial regulatory authority BaFin lifted growth restrictions on N26, after the digital bank made improvements to its anti-money laundering program.
Germany’s financial supervisory authority issued a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.
Deutsche Bank was assessed a penalty of €50,000 (U.S. $54,000) by Germany’s financial supervisory authority for its alleged miscommunication of a 2023 information technology security incident.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
