The Financial Conduct Authority has today fined the London branch of Commerzbank the sum of £37,805,400 for failing to put adequate anti-money laundering systems and controls in place between October 2012 and September 2017. Effective risk-based AML control frameworks are a requirement for all firms operating in the UK, including branches of overseas firms.
The watchdog said the bank 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.
FCA executive director of enforcement and market oversight, Mark Steward, said "Commerzbank London’s failings over several years created a significant risk that financial and other crime might be undetected. Firms should recognise that AML controls are vitally important to the integrity of the UK financial system."
As it resolved the matter at an early stage of the investigation, Commerzbank received a 30% discount on what would have been a fine of £54,007,800.
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