Germany’s Bitcoin Group Takes Action
Germany’s Bitcoin Group announced on Wednesday its commitment to enhancing its internal control system following an order from the financial regulator BaFin instructing its subsidiary, Futurum Bank, to rectify deficiencies related to money laundering and terrorist financing.
In an official statement, the Bitcoin Group emphasized that there are presently no indications of any violations of money laundering and terrorist financing laws within the Group. The company acknowledged the need for improvement and outlined proactive steps taken in the current financial year to align with regulatory requirements. The aim is to promptly address the identified deficiencies.
On Tuesday, BaFin highlighted “severe deficits” at Futurum Bank, specifically concerning internal security measures, fulfillment of due diligence obligations, and the system for reporting suspicious activity.
“We are actively collaborating with BaFin to swiftly rectify the criticized weaknesses in our internal processes, which have not kept pace with the company’s growth in recent years,” commented Bitcoin Group Chief Executive Marco Bodewein in the released statement.
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