BaFin Fines Commerzbank €1.45 Million for Anti-Money Laundering Failures

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.

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Pooja Chauhan: Your Source for Entertainment and Box Office News Pooja Chauhan is a passionate writer and dedicated journalist specializing in delivering the latest updates and insights from the world of entertainment and box office. With a keen eye for detail and a deep love for cinema, Pooja brings her readers accurate and engaging coverage of all things related to movies, celebrities, and the dynamic world of showbiz. Her commitment to keeping her audience well-informed and entertained makes her a valuable voice in the realm of entertainment journalism. When she's not busy uncovering the latest scoops, Pooja enjoys exploring classic films and indulging in creative writing." Contact us: [email protected]

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