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LONDON (Reuters) – Britain\\\’s financial watchdog said on Wednesday it had fined the London branch of Germany\\\’s Commerzbank 37.8 million pounds ($47.34 million) for failing to have proper controls for preventing money laundering.
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“Commerzbank London was aware of these weaknesses and failed to take reasonable and effective steps to fix them despite the FCA raising specific concerns about them in 2012, 2015 and 2017,” the Financial Conduct Authority (FCA) said in a statement.
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(Reporting by Huw Jones, editing by Kirstin Ridley)
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