Erscheinung:21.02.2023 | Topic Measures ABN AMRO Bank N.V. Frankfurt Branch: BaFin imposes administrative fine
On 25 January 2023, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) imposed an administrative fine amounting to EUR 3 million on ABN AMRO Bank N.V. Frankfurt Branch. This was because the branch’s management did not have appropriate access to the Compliance Report for the 2019 financial year. The administrative fine order is final and binding (see info box “Announcement”).
Compliance
Investment services enterprises and their staff must meet all their legal obligations. These enterprises must set out appropriate internal principles, have sufficient financial means and establish procedures in order to meet these obligations. This includes ensuring that management has appropriate access to information and documents that are needed for overseeing and monitoring business operations. This is set out in section 81 (3) of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG).
BaFin may impose a fine if management is not informed appropriately, e.g. by means of a compliance report. The maximum amount for this fine is EUR 5 million or up to 10% of total revenue.
Announcement
On 25 January 2023, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) imposed an administrative fine amounting to EUR 3,000,000 on ABN AMRO Bank N.V. Frankfurt Branch.
The sanction related to a breach of section 81 (3) of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). ABN AMRO Bank N.V. Frankfurt Branch did not ensure that the branch’s management had appropriate access to the Compliance Report for the 2019 financial year.
The administrative fine order is final and binding.
