Haig Assadourian’s Post

Germany's financial regulator, Bafin, has fined Commerzbank €1.45 million ($1.54 million) for inadequate measures against money laundering. Both Commerzbank and its online subsidiary, Comdirect Bank, failed in their supervisory duties. Employees neglected updating customer data and internal security measures, while enhanced due diligence wasn't properly applied in three cases. Commerzbank claims to have completed necessary process adaptations and data updates by 2022, following the full acquisition of Comdirect Bank in 2020. The issue arose during the integration process, where checks on new customers and data update procedures were reviewed. The bank asserts constant communication with Bafin and compliance with regulatory requirements. Interesting? Want to read more? Click the link Below https://lnkd.in/dmfPXVxH #commerzbankfine #moneylaundering #financialregulation #bankingnews #comdirectbank #bafin #regulatorycompliance #financialcrime #bankingfine

Germany's financial regulator, Bafin, has fined Commerzbank €1.45 million ($1.54 million) for inadequate measures against money laundering. Both Commerzbank and its online subsidiary, Comdirect Bank, failed in their supervisory duties. Employees neglected updating customer data and internal security measures, while enhanced due diligence wasn't properly applied in three cases. Commerzbank claims to have completed necessary process adaptations and data updates by 2022, following the full acquisition of Comdirect Bank in 2020. The issue arose during the integration process, where checks on new customers and data update procedures were reviewed. The bank asserts constant communication with Bafin and compliance with regulatory requirements. Interesting? Want to read more? Click the link Below https://lnkd.in/dktCuMaZ #commerzbankfine #moneylaundering #financialregulation #bankingnews #comdirectbank #bafin #regulatorycompliance #financialcrime #bankingfine

𝗕𝗿𝗲𝗮𝗸𝗶𝗻𝗴 𝗡𝗲𝘄𝘀: 𝗧𝗵𝗲 𝗚𝗲𝗿𝗺𝗮𝗻 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘄𝗮𝘁𝗰𝗵𝗱𝗼𝗴 𝗕𝗮𝗙𝗶𝗻 𝗵𝗮𝘀 𝗼𝗿𝗱𝗲𝗿𝗲𝗱 𝗖𝗼𝗺𝗺𝗲𝗿𝘇𝗯𝗮𝗻𝗸 𝘁𝗼 𝗽𝗮𝘆 𝗮 𝗳𝗶𝗻𝗲 𝗼𝗳 𝟭.𝟰𝟱 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗲𝘂𝗿𝗼𝘀 (£𝟭.𝟮𝟱 𝗺𝗶𝗹𝗹𝗶𝗼𝗻) 𝗳𝗼𝗿 𝗯𝗿𝗲𝗮𝗰𝗵𝗶𝗻𝗴 𝗶𝘁𝘀 𝗮𝗻𝘁𝗶-𝗺𝗼𝗻𝗲𝘆 𝗹𝗮𝘂𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝗱𝘂𝘁𝗶𝗲𝘀, 𝗮𝘀 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗱 𝗼𝗻 𝗠𝗼𝗻𝗱𝗮𝘆. According to BaFin's statement, both Commerzbank AG and the former comdirect Bank AG failed to fulfil their supervisory duties, particularly regarding timely customer data updates and proper security measures. These lapses resulted in inadequate due diligence in three cases, thus violating anti-money laundering obligations. In response, Commerzbank stated that it has revised its due diligence processes and updated customer data following the comdirect acquisition. "Processes were adjusted accordingly, and the data updates were completed in full in 2022," the bank added, emphasising compliance with BaFin's requirements. This development underscores the significance of stringent anti-money laundering measures in the banking sector, highlighting ongoing efforts to strengthen regulatory compliance. 𝗙𝗼𝗹𝗹𝗼𝘄 Hartford Consulting Ltd 𝘁𝗼 𝗸𝗲𝗲𝗽 𝘂𝗽 𝗱𝗮𝘁𝗲𝗱 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗹𝗮𝘁𝗲𝘀𝘁 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝘂𝗽𝗱𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝗺𝗲 𝗻𝗲𝘄𝘀. #BaFin #Commerzbank #AntiMoneyLaundering #AML #FinancialRegulation #Banking #Compliance #RegulatoryCompliance #Hartfordconsultants

Fintech-bank partnerships require thorough #RiskMitigation procedures that many banks may not have in place. At this year's Money20/20, our General Counsel and Chief Compliance Officer, Sheetal Parikh, shared thoughts on how the internal risk profiles of banks and #fintechs can impact how regulators assess banks and the risks to their portfolio of business. https://bit.ly/3O6Xbf8

Basel Committee Publishes Final Disclosure Framework for Banks' Cryptoasset Exposures and Targeted Amendments to Its Cryptoasset Standard "The final disclosure framework includes a set of standardised tables and templates covering banks' cryptoasset exposures. These require banks to disclose qualitative information on their cryptoasset-related activities and quantitative information on the capital and liquidity requirements for their cryptoasset exposures." https://lnkd.in/eyYENWdZ Bank for International Settlements – BIS #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

In Europe, the average transaction in the sovereign bonds market is €3M.   This makes most of the users of such banking apps the underdogs of the market.   Now imagine a fully vertically integrated business model, cutting across all the current layers of the Capital Markets infrastructure: Custody, Settlement, Clearing, Exchange, and Brokerage.   Put all of that on a transparent data structure in a unified regulatory model and you get the infrastructure of Axiology. Learn more: https://www.axiology.xyz/ #CapitalMarkets #Banking #Bonds

The Basel Committee on Banking Supervision has finalized the DIS55 Cryptoasset Exposures standards! 🎉📄 These new rules, effective from 1 January 2026, will require banks to disclose their cryptoasset exposures using a common template, enhancing transparency and market discipline. 📊🔍 Thanks to all who provided feedback! 🙏 Based on your input, key requirements have been amended for clarity and precision. Stay tuned for more updates! 🚀🔦 #CryptoRegulation #Banking #Transparency #Cryptoassets

BCBS have finalised their standard for determining what category a cryptoasset falls into with some limited amendments to their prudential standard. They have also published the templates for the disclosures they want banks to make in due course. #cryptoassets

By writing this Capital Bank review, we aim to provide more details on Bankacapital brokers, revealing any red flags that could point to involvement in fraudulent activity. https://buff.ly/44jwkUg #CapitalBankreview