FCA fines lender £38m

THE City regulator has fined the London arm of German lender Commerzbank almost £38m over failings with its anti-money laundering systems.

This included not fixing the tool that monitors transactions, which meant high-risk countries and clients were not flagged. And it didn’t conduct due diligence checks in good time. Mark Steward, at the Financial Conduct Authority, said: ‘Failings over several years created a significant risk that financial and other crime might be undetected.’

Commerzbank said the probe ‘found no financial crime’ and that it took the findings very seriously.