News

The U.K. Financial Conduct Authority disclosed details of its first anti-money laundering related enforcement action of the year Wednesday, fining Germany's second-largest lender, Commerzbank, £37.8 million for violations that occurred over a five-year period. In a 50-page notice, the FCA found that from October 2012 to September 2017, the German lender's branch in London, which acts as a sales and trading hub for corporate customers around the globe, neglected to conduct adequate due diligence and screen transactions properly, including for high-risk entities. "Commerzbank London was aware of these weaknesses and failed to take reasonable and effective steps to fix them...