Germany’s Bitcoin Group Takes Action to Improve Internal Control System
On Wednesday, Germany’s Bitcoin Group announced that it is implementing measures to enhance its internal control system in response to an order from the financial regulator BaFin. The regulator had instructed its subsidiary futurum bank to address deficiencies related to money-laundering and terrorist financing.
In a statement, the company emphasized that there are currently no indications of violations of money laundering and terrorist financing laws within the Group. It also stated that it had already taken steps in the current financial year to ensure compliance with regulatory requirements and is committed to addressing the identified deficiencies promptly.
BaFin’s Findings and Bitcoin Group’s Response
BaFin’s review of futurum bank revealed “severe deficits” pertaining to its internal security measures, fulfillment of due diligence obligations, and system for reporting suspicious activity. Bitcoin Group’s Chief Executive, Marco Bodewein, acknowledged the findings and stated that the company is actively collaborating with BaFin to swiftly rectify the criticized weaknesses in its internal processes.
In the statement, Bodewein also recognized the company’s growth in recent years and admitted that its internal processes had not kept pace with this expansion. As a result, the company is now focused on aligning its internal procedures with the evolving demands of its operations.
Future Plans and Regulatory Compliance
The Bitcoin Group is determined to address the issues highlighted by the regulator and is working towards improving its internal control system. By doing so, the company aims to maintain high standards of regulatory compliance and ensure that its operations are conducted in a manner that upholds the requirements of anti-money laundering and counter-terrorist financing laws.
Moving forward, Bitcoin Group seeks to not only remedy the identified deficiencies but also bolster its internal control framework to effectively support its operations and rapid growth. By doing so, the company aims to demonstrate its commitment to upholding regulatory standards and ensuring the integrity of its financial systems.
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