Grenke Slides as BaFin Demands Better Money Laundering Controls

(Updates with parent company’s shares.)

Grenke shares fall 11%, the most since 2021, after German financial regulator BaFin ordered Grenke Bank to ensure that its business organization is proper and remedy deficiencies in the prevention of money laundering within 12 months.

• Several audits revealed that the bank does not comply in part with the requirements of the German Banking Act and the German Act on the Tracing of Profits from Serious Crime, BaFin said in a statement
  • Bank particularly failed to comply with regulatory requirements relating to the lending business, internal auditing and risk management and controlling
  • In the area ...