Financial Supervisory Authority Imposes Fine on Landesbank Helaba - Helaba fined €20,000 for weak anti-money laundering controls
Germany’s financial regulator, BaFin, has fined Landesbank Hessen-Thüringen (Helaba) €20,000 for failing to meet anti-money laundering standards. The penalty follows an investigation into the bank’s systems between October 2022 and September 2023. Despite this, Helaba reported a profit of €526 million in 2023.
BaFin found that Helaba’s data processing systems for anti-money laundering were 'only partially adequate'. The regulator requires banks to maintain robust and regularly reviewed controls to detect suspicious transactions. Helaba, which serves savings banks across Hesse, Thuringia, North Rhine-Westphalia, and Brandenburg, fell short of these requirements.
The €20,000 fine underscores the importance of strict anti-money laundering controls in banking. Helaba must now address the identified weaknesses in its systems. Regulators continue to monitor compliance across the financial industry.
