- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-05-22T18:31:00
Germany’s financial supervisory authority issued a fine of 9.2 million euros (U.S. $9.6 million) against mobile bank N26 for “systematically” submitting late anti-money laundering (AML) reports in 2022.
Under German law, reports of transactions related to possible money laundering must be submitted to BaFin “immediately,” the German regulator announced in a translated press release Tuesday.
In July 2023, BaFin extended mandated supervision over N26 after ordering it in May 2021 to improve weak AML controls, with a subsequent $5 million penalty disclosed in September 2021.
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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 total fines of €1.45 million (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering controls.
Deutsche Bank was assessed a penalty of €170,000 (U.S. $180,000) by Germany’s financial supervisory authority for failing to timely submit suspicious transaction reports.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
