Anti-Money Laundering Case Study

Anti-Money Laundering Case Study

The fine imposed on Commerzbank by the UK's Financial Conduct Authority (FCA) for breaching anti-money laundering (AML) rules shows that a firm need not have allowed actual money laundering to merit severe punishment. Simply allowing, whether by choice or even by negligence, a compliance environment where the risk of facilitating financial crimes is heightened can also result in severe punishment from regulators. Regulators will reduce the magnitude of fines for firms that work responsively and cooperatively with authorities to remedy identified problems.
Overview

On the 17th of June, 2020, the Financial Conduct Authority (FCA) fined Commerzbank AG (London) almost £38 million for “failing to put adequate AML systems and controls into place between October 2012 and September 2017”. In this video, we will look at the events and causes leading up to this as well as the remediation project by Commerzbank AG London and the key takeaways from this situation.

Key learning objectives:

  • Identify the key failures of Commerzbank AG London that led to the huge fine

  • Understand how the FCA sought to fix the problems

  • Comprehend the key takeaways from the FCA’s fine on Commerzbank London

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Summary
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Expert
Bill Gallagher

Bill Gallagher

Bill spent over 25 years working in finance and advising corporations. He has experienced finance from legal, banking and corporate perspectives. Most recently, Bill has been a director of a Belgian-based company specialising in high voltage subsea cables and gas pipelines, and advises related companies on financing and M&A.

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