FCA Fines Commerzbank £37.8M For Money Laundering Fails

Law360, London (June 17, 2020, 11:27 AM BST) -- Britain's banking watchdog hit the London arm of Commerzbank AG with a £37.8 million ($47.4 million) fine on Wednesday over shortcomings in its anti-money laundering controls that "created a significant risk" that crime was going undetected.

Commerzbank was aware of weaknesses in its systems but failed to take "reasonable and effective" steps to remedy them, the City regulator has said. (AP) The Financial Conduct Authority said the big German lender was aware of weaknesses in its systems between 2012 and 2017, but failed to take "reasonable and effective" steps to remedy them even though the regulator repeatedly raised concerns.

These included...

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