A German financial regulator has reportedly fined Commerzbank $1.5 million for anti-money laundering violations. BaFin said Monday (April 11) that the bank failed to update customer data on time and did not provide sufficient security measures, Reuters reported. This, the report added, led to inadequate due diligence in three cases,...
Germany’s financial regulator, BaFin, is reportedly set to relax its crackdown on FinTechs. The move comes after several firms improved their controls, BaFin Executive Director Birgit Rodolphe told Bloomberg in a report posted Wednesday (Feb. 21). “We are seeing progress at individual firms, but not...
Germany’s banking regulator has reportedly closed off parts of its website following a cyberattack. BaFin took defensive measures following the attack Sept. 1, which restricted access to the website, Bloomberg reported Monday (Sept. 4). The organization was working to restore full access. The site appeared to be down...
Cryptocurrency giant Binance has suspended its plans to seek a license in Germany. A company spokesperson told PYMNTS Wednesday (July 26) that Binance has “proactively withdrawn” its license application with Germany’s Federal Financial Supervisory Authority, more commonly known as BaFin. “The situation, both in the global market and...
May 28, 2024
European digital bank N26 reports that Germany’s Federal Financial Supervisory Authority (BaFin) has lifted its growth restrictions on the company, effective June 1. This move follows N26’s investment in teams and infrastructure to combat financial crime and money laundering, the company said in a Monday (May 27) press release. Those efforts will continue after the […]
April 22, 2024
A German financial regulator has reportedly fined Commerzbank $1.5 million for anti-money laundering violations. BaFin said Monday (April 11) that the bank failed to update customer data on time and did not provide sufficient security...
February 21, 2024
Germany’s financial regulator, BaFin, is reportedly set to relax its crackdown on FinTechs. The move comes after several firms improved their controls, BaFin Executive Director Birgit Rodolphe told Bloomberg in...
September 04, 2023
Germany’s banking regulator has reportedly closed off parts of its website following a cyberattack. BaFin took defensive measures following the attack Sept. 1, which restricted access to the website, Bloomberg reported Monday (Sept....
