United Kingdom: Commerzbank fined £38m by UK watchdog for money-laundering failings

The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients.

The Financial Conduct Authority (FCA) said the German business bank had failed to put money-laundering controls in place over a period of five years, despite three separate warnings from the regulator.

The fine is one of the largest handed out by the regulator in relation to money-laundering failures. Standard Chartered was fined £102m by the FCA in April 2019 for similar issues, although that was dwarfed by the $1.1bn penalty levied on the same bank by US authorities.

The full original article can be found at theguardian.com

(Photo: Alex Kraus | Bloomberg | Getty Images)

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