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Commerzbank fined for not complying with anti-money laundering regulations

Anti Money Laundering

Commerzbank fined for not complying

Commerzbank was fined €1.45 million for AML non-compliance, as announced by German regulator BaFin on Monday.

In a statement, the regulator claimed that Commerzbank AG and the previous comdirect Bank AG, of which Commerzbank AG is the universal successor, had disregarded their duties as supervisors. BaFin said that Commerzbank and its subsidiary did not properly supervise and ensure compliance with anti-money laundering rules, resulting in the fine being imposed. The regulator stressed that financial institutions must fulfill their responsibilities to prevent money laundering and maintain the integrity of the financial system.

BaFin says the bank didn't have enough security measures and didn't update customer data promptly. This led to insufficient checks in three cases and a violation of the bank's anti-money laundering duties.

Following the comdirect acquisition, Commerzbank announced on Monday that it had revised its due diligence and updated its customer database. BaFin emphasized that this incident is not unique and expects all financial institutions to consistently fulfill their obligations to combat money laundering. The regulator will keep a close watch on Commerzbank's compliance efforts and will take additional action if needed to protect the financial system's integrity.

It also stated that procedures were changed appropriately, and the data upgrades were finished in full in 2022. Naturally, BaFin's standards were met.

In 2020, as part of a corporate reorganization, the second-largest listed lender in Germany fully acquired the online bank Comdirect.

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