Money laundering prevention: BaFin imposes administrative fines on Deutsche Bank AG

NEWS
Published
Oct 20th '23
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The Federal Financial Supervisory Authority (BaFin) has imposed administrative fines amounting to 170,000 euros on Deutsche Bank AG. The fines were imposed because BaFin ascertained that the company submitted suspicious transaction reports with a delay.

 

The administrative fine order is final and binding.

 

Background information

Credit institutions must submit a report to the German Financial Intelligence Unit if they suspect that a business transaction or other transaction might be related to money laundering or terrorist financing.

 

Such suspicious transaction reports must be submitted without delay. This allows the Financial Intelligence Unit to promptly take further action if necessary, such as forwarding the information to law enforcement agencies.

 

Announcement

In a final and binding administrative order issued on 21 March 2023 on the basis of section 56 (1) no. 69 of the German Money Laundering Act (Geldwäschegesetz – GwG), in the version of Article 1 of the Act of 25 June 2021 (Federal Law Gazette Part I, p. 2083), the Federal Financial Supervisory Authority (BaFin) imposed five administrative fines totalling 170,000 euros on Deutsche Bank AG.

 

The administrative order is final and binding.

 

Source: Bafin

 

About us

At LS Consultancy, our consultants are industry experts that interpret the rules, regulations and spirit of the industry guidelines by assisting you “the client” in implementing a compliance programme that you can be confident is mitigating the risk of financial crime. What we can do:

 

  • We analyse the relevant jurisdictions legislation, regulation and industry guidance to ensure that your controls adopt the highest standard possible
  • Analyse and/ or Enhance your Business Wide Risk Assessment to ensure we consider money laundering and relevant predicate crimes
  • Assessment of your Customer Onboarding and/ or Periodic KYC reviews rely on independent documentation and supported by credible information from your customer – as this is key to your compliance programme.
  • Robust Transaction Monitoring and Screening whilst utilising your up-to-date KYC documentation/ information are fundamental.
  • Greater emphasis on training – why not go through live examples with your RM’s, Operational Teams and Compliance – discuss the areas of concern and come up with compliant solutions.
  • Ensuring your Compliance Monitoring Programme is conducted on a regular basis
  • Engagement with senior management through relevant committees

 

For further information please contact us where our industry experts will be happy to answer your questions.

 

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