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Commerzbank fined for money laundering failings

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The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients, The Guardian reports.

The Financial Conduct Authority (FCA) said the German business bank had failed to put money-laundering controls in place over a period of five years, despite three separate warnings from the regulator.

The fine is one of the largest handed out by the regulator in relation to money-laundering failures.

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