BaFin, Germany's all-in-one financial regulator, has ordered Goldman Sachs Bank Europe SE to comply with its 'due diligence' obligations regarding clients and Germany's rules that govern anti-money-laundering risk analysis.
The order is issued on the basis of section 51(2) sentence 1 German Money Laundering Act (Geldwäschegesetz – GwG) in a notice dated 18 December. BaFin only publicised the notice this month. It did so in accordance with the requirements of section 57 GwG. The notice has been final and binding since 4 February; no further details are forthcoming.