Germany’s Bitcoin Group Taking Measures to Improve Internal Controls
Germany’s Bitcoin Group announced on Wednesday that it is actively working to improve its internal control system, following an order from the financial regulator BaFin for its subsidiary futurum bank to address shortcomings in money-laundering and terrorist financing.
“The Bitcoin Group expressly points out that there are currently no indications of violations of money laundering and terrorist financing laws within the Group,” the company stated in response to the order.
The company revealed that it had already implemented measures in the current financial year to meet regulatory requirements and is committed to “remedy the identified deficiencies in a timely manner.”
BaFin’s Order and Bitcoin Group’s Response
On Tuesday, BaFin uncovered “severe deficits” at futurum bank, specifically related to its internal security measures, fulfillment of due diligence obligations, and its system for reporting suspicious activity.
“We are actively working with BaFin to quickly address the criticized weaknesses in our internal processes, which have not kept pace with the company’s growth in recent years,” Bitcoin Group Chief Executive Marco Bodewein explained in the statement.
Bitcoin Group’s Efforts to Comply with Regulatory Requirements
In response to BaFin’s order, Germany’s Bitcoin Group is taking immediate action to rectify the identified deficiencies within its subsidiary futurum bank. The company is aiming to ensure that its internal security measures and due diligence obligations are in line with regulatory standards.
The company is committed to cooperating with BaFin to address the shortcomings and bring its internal processes up to par with its growth in recent years.
In Conclusion
Germany’s Bitcoin Group is focused on resolving the issues raised by BaFin and is working diligently to strengthen its internal control system and compliance with regulatory requirements.
The company is proactive in its response to the regulatory order and is dedicated to maintaining a robust and effective internal control system to prevent any potential violations of money laundering and terrorist financing laws.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
