FCA fines Commerzbank London $47.4M for AML failures
By 
Jaclyn Jaeger2020-06-17T16:45:00
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 systems and controls failures.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticleU.K. AML update: New obligations for cryptocurrency firms
Mark Steward, executive director of enforcement and market oversight at the U.K. Financial Conduct Authority, recently shared insights into the agency’s pipeline of AML investigations and what lies ahead for regulated firms.
-
ArticleCommerzbank fine demonstrates danger of AML lapses
The Financial Conduct Authority’s fine of £37.8 million (U.S. $47.5 million) on Commerzbank’s London branch is a reminder that the most fundamental risk-based AML controls are still not being implemented at some financial services firms.
-
ArticleAnalysis: Learning to learn from our mistakes with AML
Scientists and doctors cannot succeed or make medical breakthroughs without being prepared to fail. The same approach should be taken to combating anti-money laundering, writes financial crime expert Martin Woods.
More from Regulatory Enforcement
-
ArticleFTC suit against Uber gains traction with 21 states and DC joining in
The Federal Trade Commission allegations against Uber, alleging deceptive billing and subscription cancellations, have snowballed, with 21 states and the District of Columbia joining the lawsuit.
-
ArticleTop Ethics and Compliance Failures of 2025
The 2025 year has been so rich with compliance stinkers, and rife with poor judgment, compliance missteps, outright malfeasance and greed, greed, greed, that it was almost impossible to choose just six epic compliance failures from this year’s massive poop pile.
-
ArticleFATF focus on criminal asset recovery points to a more investigatory role for compliance
Global organised crime is booming, and only 1 to 2 percent of the $4 trillion black economy is intercepted, according to figures from the Financial Action Task Force. Its new guidance suggests that countries should focus on rapid investigations, collaborative intelligence gathering, and confiscating the proceeds of criminal activity.