TechFlow reports that Germany's financial regulator BaFin has required Futurum Bank, a subsidiary of Bitcoin Group, to address serious deficiencies in its internal anti-money laundering measures.
The regulator identified issues related to internal security procedures, due diligence obligations, and systems for reporting suspicious activities.
Bitcoin Group stated in a release that it is taking steps to rectify the deficiencies, while emphasizing that there are currently no indications of violations of anti-money laundering or counter-terrorist financing regulations within the group.
Last year, Bitcoin Group drew significant attention after agreeing to acquire Bankhaus von der Heydt in Munich, one of the world’s oldest banks. BaFin has maintained a cautious stance toward cryptocurrencies and, despite being one of the first regulators globally to implement a comprehensive authorization program, has granted digital asset licenses to only a few companies.
