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NEWS: ‘Serious deficits’ found in Bitcoin’s German bank, futurum; BaFin issues deadline to fix failings

AML: Germany's Federal Financial Supervisory Authority (BaFin) ordered futurum bank AG to remedy shortcomings in its precautions for the prevention of money laundering and terrorist financing. Serious deficits were identified in internal controls and safeguards, in the fulfilment of due diligence requirements and in suspicious transaction reporting at the bank, owned by Bitcoin.

By AML Intelligence Correspondent GERMAN financial watchdog BaFin found serious AML deficiencies at Bitcoin’s bank, futurum. The regulator has found fault with the bank’s due diligence requirements and in suspicious transaction reporting. The Federal Financial Supervisory Authority (BaFin) said it has ordered futurum bank AG to remedy the shortcomings in its AML/CFT precautions. The institution…

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