-
Britain fines Commerzbank $47 million for poor controls
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 ... (full story)
- Comments
- Subscribe
- Comment #1
- Quote
- Jun 17, 2020 11:33am Jun 17, 2020 11:33am
- mkjenna
- Joined Mar 2010 | Status: Fluting on the humps | 147 Comments
- Comment #2
- Quote
- Jun 17, 2020 11:41am Jun 17, 2020 11:41am
- afevir
- Joined Feb 2019 | Status: Member | 1224 Comments
Confucius: the man who broke the mountain was the same man who started ...
- Comment #3
- Quote
- Jun 17, 2020 12:48pm Jun 17, 2020 12:48pm
- Guest
- | IP XXX.XX.251.4
- Comment #4
- Quote
- Jun 17, 2020 2:30pm Jun 17, 2020 2:30pm
- RossEdwards
- Joined Jun 2019 | Status: Member | 3299 Comments
Warning: A Dangerous Subversive: 1% of comments CoCed
- Comment #5
- Quote
- Jun 17, 2020 8:33pm Jun 17, 2020 8:33pm
- Not-KPMG
- Joined Jun 2015 | Status: Member | 7592 Comments
Beware of robber banks (RB), bad advisors.