Varengold Bank fined €3.8m in Germany for sustained AML breaches

German regulator BaFin has run out of patience with Varengold Bank AG over its ongoing failure to remedy "serious shortcomings" in anti-money laundering/counter financing of terrorism (AML/CFT) controls identified in a 2022 inspection and flagged by internal audits for that year and 2023.

German regulator BaFin has run out of patience with Varengold Bank AG over its ongoing failure to remedy "serious shortcomings" in anti-money laundering/counter financing of terrorism (AML/CFT) controls identified in a 2022 inspection and flagged by internal audits for that year and 2023.