Britain’s financial watchdog said on Wednesday it had fined the London branch of Germany’s Commerzbank 37.8 million pounds ($47.34 million) for failing to have proper controls for preventing money laundering. “Commerzbank London was aware of these weaknesses and failed to take reasonable and effective steps to fix them despite the FCA raising specific concerns about them in 2012, 2015 and 2017,” the Financial Conduct Authority (FCA) said in a statement. The weaknesses took place at a time when the FCA was publishing guidance on steps banks could take to reduce the risk of financial crime, and was enforcing action ... (full story)