Germany's all-in-one financial regulator, the Bundesanstalt für Finanzdienstleistungsaaufsicht, has imposed a fine of €10,000 on Shinhan Bank Europe GmbH.

The institution, an affiliate of a South Korean private bank that performs private banking services, failed to tell the BaFin that it had exceeded a large exposure limit in full and without delay. Large exposures and Millionenkredite (loans to one borrower totalling €1.5 million or more) have to be reported monthly.

The institution has thereby contravened the provisions of sentence 1 Article 395(1) and sentence 1 Article 396(1) Credit Requirements Regulation.

The basis for BaFin's decision on the fine is section 56(5) sentence 1 nos 17 and 19 Banking Act (Kreditwesengesetz).