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Germany’s Bitcoin Group announced on Wednesday that it is taking decisive steps to strengthen its internal control system, following an order from the financial regulator BaFin instructing its subsidiary, futurum bank, to address deficiencies related to money laundering and terrorist financing.
In a statement, the Bitcoin Group emphasized that there are currently no indications of violations of money laundering and terrorist financing laws within the Group. The company reassured stakeholders that it is proactively addressing the concerns raised by BaFin.
The company highlighted that it has already implemented measures in the current financial year to align with regulatory requirements. It is committed to promptly rectifying the identified deficiencies to ensure compliance with regulatory standards.
BaFin, in its assessment on Tuesday, identified “severe deficits” at futurum bank, specifically related to internal security measures, fulfillment of due diligence obligations, and the system for reporting suspicious activity.
Bitcoin Group’s Chief Executive, Marco Bodewein, expressed the company’s active collaboration with BaFin to swiftly address the highlighted weaknesses in internal processes. He acknowledged that these processes need to catch up with the company’s growth in recent years.
The Bitcoin Group’s commitment to reinforcing controls underscores its dedication to maintaining regulatory compliance and fostering a secure environment for its operations. The company aims to ensure that its internal processes align with the highest standards, providing confidence to both regulators and stakeholders.
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