- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2021-05-13T18:17:00
BaFin, Germany’s market regulator, has ordered mobile bank N26 to improve its anti-money laundering controls, taking the unusual move to appoint a “special commissioner” to monitor its progress.
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Germany’s market regulator BaFin announced the extension of mandates it ordered at mobile bank N26 in 2021 to require the bank to address observed weaknesses in its anti-money laundering controls.
Mobile bank N26 revealed it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”
BaFin, Germany’s market regulator, signaled Deutsche Bank still has more to do concerning previously ordered improvements to its AML compliance controls.
A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.
A cannabis company agreed to pay $225,000 to settle allegations that funds were temporarily deposited into its year-end accounts for the sole purpose of inflating year-end cash, the Securities and Exchange Commission said.
Vince McMahon, the founder and former CEO of WWE, was fined $400,000 and ordered to reimburse the wrestling giant more than $1.3 million to settle charges brought by the Securities and Exchange Commission that he failed to disclose hush money payments he made on behalf of himself and the company.
