Commerzbank checked by German regulator
FRANKFURT – Commerzbank's anti-money laundering controls are being investigated by German financial services regulator BaFin, according to both the bank and the regulator.
Chief executive Klaus-Peter Mueller himself is being investigated in the case, although Commerzbank spokespeople stressed in news reports that they expect him to be cleared by BaFin. The investigation caused the resignation of board member Andreas de Maiziere in July.
The BaFin is exploring the role the bank may have played in laundering money diverted from Russian state enterprises. According to court documents and news reports, in 1996 Mueller was in charge of the acquisition of Commerzbank's
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