Commerzbank London will pay a £37.8 million (U.S. $47.4 million) penalty in a settlement with the U.K. Financial Conduct Authority for anti-money laundering (AML) systems and controls failures, the FCA announced Wednesday.

According to the FCA’s investigation, between October 2012 and September 2017, Commerzbank London “failed to take reasonable and effective steps” related to the following compliance and internal control failings:

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...