Select Page

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

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETBFSI App

  • Get Realtime updates
  • Save your favourite articles

icon g play

icon app store


Scan to download App
bfsi barcode

Share it on social networks