BaFin, Germany’s financial regulator, has in the last week issued a statement ordering the European subsidiary of Goldman Sachs’ to comply with AML/CFT rules. In a short statement released to the public on 4 February, the regulator asked the bank to meet Customer Due Diligence (CDD) rules and risk analysis requirements under German law. The German regulator has the power to impose fines on the bank if it deems that it has not complied with the order.
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