Bitcoin Group Tackles Money Laundering Issues Highlighted by German Regulator

• BaFin Directs Bitcoin Group Subsidiary to Improve AML Measures
• Bitcoin Group's Response
• Bitcoin Group's Acquisition of Bankhaus Von Der Heydt
• BaFin's Stance on Cryptocurrency

BaFin Directs Bitcoin Group Subsidiary to Improve AML Measures

Germany's financial watchdog, BaFin, has directed a Bitcoin$42,260 -0.64% Group subsidiary, Futurum Bank, to address various inadequacies relating to its internal anti-money laundering (AML) initiatives. This announcement was made public on Tuesday, initially communicated to the bank in October. BaFin pointed out serious deficits in the bank's internal security provisions, due-diligence obligations, and suspicious-activity reporting mechanism.

Bitcoin Group's Response

According to Reuters, Bitcoin Group revealed on Wednesday that it has started the process of rectifying the identified discrepancies. The firm clarified, Bitcoin Group expressly states that there are currently no indications of infringements of money laundering and terrorist financing regulations within the Group.

Bitcoin Group's Acquisition of Bankhaus Von Der Heydt

Bitcoin Group made news last year when it decided to purchase Munich-based Bankhaus von der Heydt, one of the oldest operating banks globally.

BaFin's Stance on Cryptocurrency

BaFin has maintained a stringent viewpoint on cryptocurrency, granting only a few companies its digital asset licenses, despite being one of the first global regulators to establish a thorough approval program. The Bitcoin Group has been contacted for further comment.

Edited by Jonathan Stoker