- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-07-20T14:30:00
Germany’s market regulator 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 (AML) controls.
BaFin acknowledged Monday that N26 has made progress but “still has deficiencies” it must resolve. The extension applies to a May 2021 order that appointed a special commissioner to monitor the bank’s implementation efforts to resolve shortcomings identified regarding information technology monitoring and customer due diligence.
N26 was also told to ensure it has adequate personnel, technical, and organizational resources to comply with its obligations under AML law.
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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 a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.
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.
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.
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.
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.
