Germany's Federal Financial Supervisory Authority, BaFin, has ordered Commerzbank to pay a fine of €1.45 million for anti-money laundering failings, including inadequate monitoring, breaches of supervisory duties and enhanced due diligence failures, at Commerzbank and its former online-banking subsidiary Comdirect Bank, of which Commerzbank is the legal successor, the regulator announced on 22 April 2024. The total comprises two separate fines.
FAILINGS CITED
BaFin cited inadequate monitoring and anti-money laundering controls, breaches of supervisory duty and failures in enhanced due diligence.