The institution must remedy these shortcomings within a set time limit.

futurum bank AG must regularly report to BaFin on its progress in remedying the shortcomings.

The notice by BaFin dated 23 October 2023 is final and binding.

Background information:

Companies such as futurum bank AG that are subject to money laundering supervision by BaFin (obliged entities under section 2 (1) no. 2 of the German Money Laundering Act (Geldwäschegesetz – GwG)) must implement adequate internal controls and safeguards to manage and mitigate the risks of money laundering and terrorist financing. This requirement is stipulated in section 6 (1) of the GwG. In accordance with this, companies are required to develop internal principles, procedures and controls (section 6 (2) of the GwG). These internal principles and procedures must be reviewed regularly in an independent inspection.

Companies subject to money laundering supervision must also comply with due diligence requirements. These requirements vary depending on the institution’s area of business and the customer risk assessment.

If there are indications that a transaction might be connected to money laundering, obliged entities must report the transaction without delay. Money laundering would be suspected in relation to transactions involving an asset that originates from a criminal offence, for example. Obliged entities must send their suspicious transaction reports to the Financial Intelligence Unit (FIU). The reporting requirement is stipulated under section 43 (1) of the GwG.