Please will you do CDD, Mr. Big Bank
05/02/2021
BaFin Germany’s financial watchdog has asked Goldman Sachs to comply with due diligence [CDD] obligations regarding customers and risk analysis requirements under Germany’s anti-money laundering laws.
Goldman Sachs said in a statement that BaFin’s order followed an audit undertaken by BaFin in 2020.
- “The required implementation is already underway,”
People familiar with the matter said Goldman Sachs had not fully complied with German know-your-customer standards when transferring British customers to Germany.
The data on the transferred customers did not always provide sufficient clarity on which persons were linked to certain accounts, the people said.
They also said that BaFin could impose fines if Goldman Sachs did not address the issue sufficiently.
Goldman Sachs is moving customers with roughly $60 billion in assets to Germany from the United Kingdom because of Brexit, people familiar with the matter have said.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.