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BERLIN – German financial watchdog BaFin has ordered Commerzbank to pay a fine of 1.45 million euros ($1.55 million) for breaching its anti-money laundering duties, the regulator said on Monday.

“Commerzbank AG and the former comdirect Bank AG, of which Commerzbank AG is the universal successor, had breached their supervisory duties,” said the regulator in a statement.

According to BaFin, the bank did not update customer data on time and did not provide proper security measures, which resulted in inadequate due diligence in three cases, thus violating its anti-money laundering obligations.

Commerzbank was not immediately available for comment.

($1 = 0.9378 euros)

  • Published On Apr 22, 2024 at 05:30 PM IST

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