State Bank: Prevention of Money Laundering and Terrorist Financing: Bafin Sees Deficiencies at NordLB
The financial supervisory authority criticizes the state bank and demands that it rectify irregularities in customer data. The Bafin describes the problems at NordLB as "significant".
Düsseldorf-based NordLB, a Landesbank, must rectify significant shortcomings in preventing money laundering and terrorism financing, according to the Financial Supervisory Authority, Bafin. The Bonn-based authority stated on Monday that there are "significant shortcomings in the area of customer data updates" regarding the NordLB.
The deficiencies encompass customer due diligence, particularly the existence of gaps in processes and a notable backlog in updating customer data, which breach the Money Laundering Act. Bafin has specifically mandated that NordLB submit and implement a plan for updating customer data, as well as bring all outdated customer data up to date and complete.
The order from Bafin has been in effect since June 14, 2026, based on the Money Laundering and Credit Acts. NordLB has declared that they are working intensively to meet Bafin's requirements and have taken measures, stating that a plan has been developed and is being implemented systematically, resulting in considerable progress.
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