Erscheinung:08.10.2021 | Topic Measures, Anti-money laundering VTB Bank (Europe) SE: Order of measures for the prevention of money laundering and terrorist financing
On 1 October 2021, BaFin ordered VTB Bank (Europe) SE to implement appropriate internal controls and safeguards for the prevention of money laundering and terrorist financing. BaFin also appointed a special commissioner with immediate effect to monitor the implementation of this order at the institution.
This order must be implemented within a set time period.
In order to monitor the implementation of the order, BaFin has appointed a special commissioner under section 45c (1) in conjunction with subsection (2) of the German Banking Act (Kreditwesengesetz – KWG). The special commissioner is to provide BaFin with ongoing updates regarding the progress of the implementation.
This order is issued on the basis of section 6 (8) and section 51 (2) of the German Money Laundering Act (Geldwäschegesetz – GwG) in addition to section 25h (5) of the KWG. The publication of the order is based on section 57 of the GwG.
The notice has been final and binding since 1 October 2021.
