Commerzbanks UK penalty over money-laundering lapses sets the scene for future enforcement
A penalty of $47 million imposed on German investment bank Commerzbank by the UK\u2019s financial regulator has provided a timely reminder of the risks posed by fraud, as companies and state actors across the globe face increased risks in the wake of the Covid-19 epidemic. The Financial Conduct Authority imposed the fine after repeated missteps in fighting money laundering by the London branch of Commerzbank. And with the likelihood of similar cases arising as a result of inadequate safeguards during the pandemic, the FCA\u2019s response to Commerzbank may set the tone for future enforcement.