GERMAN financial watchdog BaFin has fined Deutsche Bank €170,000 for delayed STRs.
The Federal Financial Supervisory Authority (BaFin) announced this week it had imposed administrative fines amounting to the €170,000 on Deutsche Bank AG.
“The fines were imposed because BaFin ascertained that the company submitted suspicious transaction reports with a delay,” the authority said.
The administrative fine order is final and binding, BaFin added.
As background to the fines, the authority highlighted that banks must submit a report to the German Financial Intelligence Unit if they suspect that a business transaction or other transaction might be related to money laundering or terrorist financing.
“Such suspicious transaction reports must be submitted without delay,” BaFin said.
“This allows the Financial Intelligence Unit to promptly take further action if necessary, such as forwarding the information to law enforcement agencies,” the authority added.
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