On March 07, 2024, the Federal Financial Supervisory Authority (BaFin) of Germany imposed a fine of 6,500,000 euros (USD 7.1 million) on Solaris SE for failing to submit Suspicious Transaction Reports in a timely manner.
Solaris SE, a German fintech operating in digital banking, financial services, and cryptocurrency custody and trading in the B2B sector, was the subject of the penalty.
According to regulations, credit institutions must notify the Financial Intelligence Unit (FIU) if they suspect that a transaction or business activity may be associated with money laundering or terrorist financing.
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