Pointing out deficiencies in money laundering measures
On the 28th, Germany’s Federal Financial Supervisory Authority (BaFin) ordered Futurum Bank, a subsidiary of the country’s crypto asset (virtual currency) and blockchain company Bitcoin Group (ADE), to correct deficiencies in anti-money laundering measures. .
futurum Bank is a wholly owned subsidiary of Bitcoin Group, and in addition to trading stocks and bonds, it also operates a crypto asset (virtual currency) trading platform called “Bitcoin.de”. .
In October, BaFin ordered the company to address deficiencies in its anti-money laundering and anti-terrorism financing measures. In particular, it stated that there were serious deficiencies in internal security measures, due diligence (customer risk confirmation) obligations, and suspicious activity reporting system.
Once again, Futurum Bank must correct the deficiencies and continuously report to BaFin on its progress.
In response to this, Futurum Bank issued a statement on the 29th. The company stated that it is taking steps to improve its internal control system, commenting as follows:
The Bitcoin Group declares that there is currently no indication of violations of money laundering or terrorist financing laws within the group.
It also said it has already taken steps to meet regulatory requirements and aims to promptly correct any deficiencies identified.
CEO Marco Bodewijn said the company is working with BaFin to address “weaknesses in its internal processes that have not kept pace with the company’s growth in recent years.”
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Major German companies expanding into virtual currency
In Germany, traditional financial institutions are also starting to get involved in virtual currency and blockchain businesses.
In November, Commerzbank, a megabank that handles about 30% of Germany’s foreign trade, obtained a virtual currency custody license. The first step will be to build a fully compliant, secure and reliable custody platform for institutional customers.
connection : German megabank “Comerzbank” obtains virtual currency custody license
Additionally, in September, Deutsche Bank partnered with Switzerland’s Taurus, indicating its intention to expand into virtual currency custody and real-world asset (RWA) tokenization businesses.
connection : Deutsche Bank partners with Taurus to manage cryptocurrencies and tokenized assets
What is RWA?
Abbreviation for “Real World Asset.” RWA that is tokenized on the blockchain includes real assets such as real estate, artwork, trading cards, and securities such as stocks and bonds.
Virtual currency glossary
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