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Goldman Sachs to comply with AML rules, BaFin rules

Monday 8 February 2021 12:35 CET | News

Germany-based financial watchdog BaFin has ordered Goldman Sachs’ Europe-based arm to comply with rules to prevent money laundering and terrorist financing, according to riskscreen.com.

The watchdog, BaFin, said it had asked Goldman Sachs to comply with due diligence obligations regarding customers and risk analysis requirements under Germany’s anti-money laundering laws. Goldman Sachs said in a statement that BaFin’s order followed an audit undertaken by BaFin in 2020. ‘The required implementation is already underway,’ the bank said.

People familiar with the matter said that Goldman Sachs had not fully complied with German know-your-customer standards when transferring British customers to Germany.


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Keywords: BaFin, Goldman Sachs, AML, money laundering, regulator, Germany, financial watchdog, terrorist financing, KYC, Know Your Customer
Categories: Banking & Fintech
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Countries: Germany
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Banking & Fintech






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