Commerzbank’s UK penalty over money-laundering lapses sets the scene for future enforcement

26 June 2020 00:00

Duration: 13:51

A penalty of $47 million imposed on German investment bank Commerzbank by the UK’s financial regulator has provided a timely reminder of the risks posed by fraud, as companies and state actors across the globe face increased risks in the wake of the Covid-19 epidemic. The Financial Conduct Authority imposed the fine after repeated missteps in fighting money laundering by the London branch of Commerzbank. And with the likelihood of similar cases arising as a result of inadequate safeguards during the pandemic, the FCA’s response to Commerzbank may set the tone for future enforcement.

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Editorial Team

James Panichi
Martin Coyle

James Panichi Senior Editor, Asia Pacific

James Panichi

James, an Australian journalist with over 25 years’ experience in print and electronic media, helps to oversee MLex’s coverage of regulatory risk in Asia, with special attention to Australia and New Zealand. In 2016, James was appointed as MLex’s managing editor for continental Europe, overseeing the Brussels bureau’s coverage of EU regulatory affairs and managing a team of 16 journalists in Brussels and Geneva. Previously James worked for the European Voice newspaper, before joining the... Read more

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Martin Coyle Senior Correspondent

Martin Coyle

Martin Coyle is a senior correspondent, based in MLex's London office, reporting daily on bribery and corruption issues in the UK and Europe. Previously he was a senior editor at Thomson Reuters where he covered anti-money laundering, financial crime and regulatory enforcement issues. Prior to that he was editor of The Accountant, the world's oldest accounting publication, and International Accounting Bulletin, a bi-monthly business journal owned by Lafferty.

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