Commerzbank fined £38m for money-laundering failings
The UK's Financial Conduct Authority imposes fine after the bank failed to take steps to improve controls despite warnings in UK and US
Frankfurt — Commerzbank was fined £38m in the UK for a lack of money-laundering controls at its London unit, as regulators step up pressure on banks to combat the flow of illicit funds.
Germany’s second-largest listed lender did not conduct timely due diligence on a “significant number” of customers and failed to fix weaknesses in an automated tool used to monitor transactions for money-laundering risks, the Financial Conduct Authority (FCA) said in announcing the fine. Commerzbank failed to take steps to improve controls despite a series of warnings from the UK watchdog and multiple investigations in the US...
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