FCC Flash

On October 19, 2023, the Federal Financial Supervisory Authority (BaFin) imposed a fine of USD 0.18 million on Deutsche Bank for AML (Anti-Money Laundering) compliance failures. The bank was penalized for its failure to promptly submit a suspicious transactions report, a critical measure in preventing money laundering and terrorist financing.

To know more, click here https://www.fcctimes.com/2023/10/19/bafin-imposes-170000-euro-fine-on-deutsche-bank-for-late-suspicious-transaction-reports/

The regulator emphasized that if a credit institution suspects that a business transaction or any other activity may be linked to money laundering or terrorist financing, they are obligated to report their concerns to the German Financial Intelligence Unit without delay.

Immediate reporting enables the Financial Intelligence Unit to take swift actions, including the dissemination of information to law enforcement agencies if necessary.