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- 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.
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2024-05-29T20:31:00Z By Aaron Nicodemus
German financial regulatory authority BaFin lifted growth restrictions on N26, after the digital bank made improvements to its anti-money laundering program.
2024-05-22T18:31:00Z By Aaron Nicodemus
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.
2024-03-20T15:44:00Z By Kyle Brasseur
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.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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