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German bank regulator threatens Solaris with fines for anti-money laundering controls

Reuters
·1 min read
The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside of an office building of the BaFin in Bonn

FRANKFURT (Reuters) - The German bank regulator BaFin said on Friday that it had threatened to fine Berlin-based Solaris if it doesn't meet deadlines to improve anti-money laundering controls and other shortfalls.

BaFin also said that it was extending the mandate of a special monitor installed since 2022 to oversee progress.

Solaris said that it was continuing "to make significant progress ... to implement additional measures addressing the identified deficiencies".

It called the extension of the monitor's mandate a "formality" and said wouldn't impact its operations.

(Reporting by Tom Sims, editing by Miranda Murray)