News
German watchdog orders Goldman Sachs to comply with money laundering rules
05 Feb 2021

Germany’s financial watchdog has ordered Goldman Sachs’ European arm to comply with rules to prevent money laundering and terrorist financing, it said on Thursday.

The watchdog, BaFin, said it had asked Goldman Sachs to comply with due diligence obligations regarding customers and risk analysis requirements under Germany’s anti-money laundering laws.

Goldman Sachs said in a statement that BaFin’s order followed an audit undertaken by BaFin in 2020. “The required implementation is already underway,” the bank said.

People familiar with the matter said that Goldman Sachs had not fully complied with German know-your-customer standards when transferring British customers to Germany.

By Arno Schuetze, Reuters, 4 February 2021

Read more at Reuters

RiskScreen: Tackling Financial Crime with Smart Technology

You can claim CPD minutes for this content, by signing up to our CPD Wallet

FREE CPD Wallet