FCC Flash

On November 8, 2023, the Federal Financial Supervisory Authority (BaFin) issued a warning order to Leonteq Securities (Europe) GmbH based on Section 51, Paragraph 2, Sentence 1 of the Money Laundering Act (GwG) to address deficiencies in the prevention of money laundering and terrorist financing.

To know more, click here https://www.fcctimes.com/2023/11/08/bafin-takes-action-leonteq-securities-europe-gmbh-ordered-to-rectify-anti-money-laundering-and-counter-terrorist-financing-deficiencies/

The annual regulatory review revealed these deficiencies, and the company is now legally mandated to rectify them. The identified issues include:

  • Insufficient due diligence requirements.
  • Inadequate documentation or storage of KYC information.
  • Failure to disclose planned internal security measures for offshore implementation.
  • Missing evidence related to signed contracts and the control framework.