UK fines Commerzbank £37.8M over AML failures

Wednesday, 17. June 2020 13:29

Commerzbank AG's London division has been fined £37.8 million in the United Kingdom over allegedly breaching anti-money laundering (AML) regulations, the country's Financial Conduct Authority (FCA) announced on Wednesday.

UK's financial watchdog had previously warned the bank to enable proper anti-money laundering measures three times over the past eight years, but the failures to comply with the regulations persisted, the FCA explained. Commerzbank London had the penalty reduced from £54 million to £37.8 million by agreeing to an early resolution of the issue.

"Commerzbank London's failings over several years created a significant risk that financial and other crime might be undetected. Firms should recognise that AML controls are vitally important to the integrity of the UK financial system," FCA Executive Director of Enforcement and Market Oversight Mark Steward commented in a statement.

Related Links: Commerzbank AG
Author:
Breaking the News / MS