Bitcoin Group Pledges Improvements After Regulator Orders Tighter Controls on Money Laundering Risks
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Bitcoin Group says it is taking measures to improve internal controls after regulator BaFin ordered its subsidiary futurum bank to address money laundering and terrorist financing deficiencies.
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Bitcoin Group states there are currently no indications of actual violations of money laundering and terrorist financing laws.
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Bitcoin Group has already taken measures this year to meet regulatory requirements and aims to remedy the identified deficiencies in a timely manner.
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BaFin identified "severe deficits" at futurum bank involving its internal security measures, due diligence obligations, and suspicious activity reporting system.
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Bitcoin Group CEO says the company is actively working with BaFin to quickly address weaknesses in internal processes that have not kept up with the company's growth.