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Commerzbank’s UK penalty over money-laundering lapses sets the scene for future enforcement
26 Jun 2020 12:00 am
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.
A mammoth fine dished out to Commerzbank by the UK financial services regulator is a taste of things to come, as fraud is driven by Covid-19.
18 Jun 2020 2:30 pm by Martin CoyleCommerzbank’s multimillion-pound fine for money-laundering failings tells a familiar sorry tale of an under-resourced & stretched financial-crime department.