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Bitcoin Group Addressing 'Serious Deficits' in Money Laundering Measures Flagged by German Regulator
The group reportedly said Wednesday that it has "no indications of violations of money laundering and terrorist financing laws."
BaFin, Germany's financial regulator, has ordered a subsidiary of Bitcoin Group (ADE) to address some shortcomings in internal anti-money laundering measures.
In a notice issued to the group's Futurum Bank subsidiary in October and posted publicly on Tuesday, the regulator said it had identified "serious deficits" in internal security measures, due-diligence obligations and the suspicious-activity reporting system.
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Bitcoin Group issued a statement on Wednesday saying it was taking measures to address the deficiencies, Reuters reported.
"The Bitcoin Group expressly points out that there are currently no indications of violations of money laundering and terrorist financing laws within the Group," the firm reportedly said.
Bitcoin Group made headlines last year when it agreed to acquire Munich-based Bankhaus von der Heydt, one of the oldest banks in the world.
BaFin has historically taken a tough stance on crypto, with only a handful of companies being approved for its digital asset licenses despite it being one of the first regulators in the world to implement a comprehensive approval program.
CoinDesk has reached out to Bitcoin Group for comment.
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
