The Commerzbank faces renewed criticism due to deficiencies in money laundering prevention. The Federal Financial Supervisory Authority (BaFin) has imposed fines of 1.45 million euros on the German credit institution. The reason for the penalties is the unsatisfactory integration of the online subsidiary Comdirect, which was fully acquired by Commerzbank in 2020.

BaFin Accuses Commerzbank and Comdirect of Failing to Adequately Fulfill their Supervisory Duties in the Area of Money Laundering Prevention

Particularly problematic were the untimely or insufficient updating of customer data and inadequate internal security measures. These violations constitute an administrative offense, which is now being punished with the imposed fines. The corresponding penalty notice has been legally binding since March 28th.

The Commerzbank then responded accordingly. A company spokesperson stated that the necessary process adjustments and data updates were already completed in 2022. As part of the integration of Comdirect, the requirements for new customer legitimacy checks and the processes for updating customer data were particularly adapted.

The bank emphasized that it had immediately begun rectifications after the identified deficiencies and was in constant exchange with the responsible regulatory authority. Commerzbank assured that it had complied with the requirements of the BaFin and had implemented the necessary measures to improve anti-money laundering prevention.

Despite the Problems that have arisen and the resulting Fines, it remains to be seen how these Incidents will affect Long-Term Confidence in the Bank and its Compliance Strategies.