Treasury Prime’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

In an interview within The Paypers' EmFi and BaaS Report 2023, Andrew Ellis from NatWest Boxed discusses the bank's foray into Embedded Finance. He highlights EmFi's customer benefits and the bank's partnership approach in this realm. https://bit.ly/3QAKECV #thepaypers #report #embeddedfinance #baas #partnership #banks #fintech #tpp

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

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/dyvqmNZg #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

The regulatory landscape may feel uncertain, but we're sharing our collective knowledge to help provide some context to future challenges that could impact banks and fintechs. Join our upcoming webinar where experts Natasha Vernier, Euna Kim, and Amy Whitsel alongside our General Counsel and Chief Compliance Officer, Sheetal Parikh, discuss how #RegulatoryCompliance shifts could impact your organization. Register now: https://bit.ly/4fT4nak

(NEW ISSUE) THE SCANNER: OCC and FED Fine Citi $136 Million for Failing to Fix Longstanding Data Quality Management Issues, Dorsey V. TU: Court Finds Debt Collector Should Have Investigated Consumer’s Disputed Debt, CFPB Scores Major Victory In Townstone Financial Redlining Case, and more top headlines from this week. Catch up on all of the top news from this week: https://hubs.la/Q02G_flM0 READER NOTE: If you find this of value, please like, comment, or repost it to your network. #banks #consumerlending #compliance #creditrisk #creditreporting #cfpb #fintech #news #industryupdates #TheScanner

In an interview within The Paypers' EmFi and BaaS Report 2023, Andrew Ellis from NatWest Boxed discusses the bank's foray into Embedded Finance. He highlights EmFi's customer benefits and the bank's partnership approach in this realm. https://bit.ly/3QAKECV #thepaypers #report #embeddedfinance #baas #partnership #banks #fintech #tpp

Are banks actually getting better at settlement? AccessFintech's Global Head of Buyside Customer Experience, Pardeep Cassells spoke with Banking Risk and Regulation, commenting on CSDR cash penalties and how their upcoming re-fit impacts settlement efficiency. “Banks will be under greater pressure to improve settlement rates further, both from a liquidity and balance sheet perspective, but also from a client service perspective as their asset manager. Clients need timely and accurate transaction handling,” said Pardeep. You can read the full article below. #Tplus1 #T1 #Settlements #CSDR

💡 Corporate Partner Christina Jurkiewicz Grigorian has just released a must-read client advisory on the intensifying scrutiny by federal banking regulators on bank-fintech collaborations. Christina delves into the recent joint statement by the Board of Governors of the Federal Reserve System, FDIC and OCC, which highlights their findings and calls for public input on bank-fintech partnerships, particularly those involving consumer and commercial banking products and services. With regulatory actions on the rise, she underscores the importance of third-party risk management and the need for banks to proactively assess their fintech partnerships for potential regulatory challenges. Read the full advisory to learn more: https://bit.ly/4cfaNyg #Banking #FINTech #BankFINTech #Regulatory