Commerzbank’s London unit was fined 37.8 million pounds ($47.3 million) by the U.K. for failing to have proper money-laundering controls, according to the Financial Conduct Authority.
The bank, Germany’s second-largest lender, did not conduct on-time due diligence checks on 1,772 customers in 2017, and most of the clients had continued to conduct business with the bank as exceptions. The U.K. watchdog said that the bank was aware of the issues and failed to fix them, leading to the fine.
