German financial regulator BaFin has imposed a fine of 1.45 million euros ($1.55 million) on Commerzbank for failing to adhere to anti-money laundering regulations, it announced on Monday.
The fine relates to violations involving both Commerzbank AG and the former comdirect Bank AG, with Commerzbank AG now being the universal successor.
“Commerzbank AG and the former comdirect Bank AG, of which Commerzbank AG is the universal successor, had breached their supervisory duties,” the regulator stated.
BaFin highlighted that the bank’s lapses included not updating customer data promptly and failing to implement adequate security measures, leading to insufficient due diligence in three instances.
Commerzbank did not immediately respond to requests for comment.
Also Read, Gulf Stock Markets Show Restraint Amid Geopolitical Tensions and U.S. Fed Policy Uncertainties
ZKasino’s Turbulent Launch: Investor Outcry and Accusations of Mismanagement
Bookmark and Follow us for More Business News
