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