Ban on Transactions Related to Iran for German Bank Warengeld
The German Federal Financial Supervisory Authority BaFin has banned transactions of Hamburg’s Warengeld Bank due to high money laundering risks and serious deficiencies in preventing money laundering with Iran and a specific group of clients.
This Bonn-based organization in Germany announced on Thursday, August 3, that it has appointed a special representative to supervise the activities of this bank.
The appointed representative is tasked with reviewing the bank’s transactions in relation to sanction laws. This supervisory body has asked Warengeld to establish a monitoring system, especially for transactions related to Iran.
Warengeld Bank has not yet commented on the ban imposed by the financial supervisory authority in Germany.
However, the bank had previously stated that it would always transparently announce its activities related to Iran.
The German newspaper Handelsblatt has written that it is expected Warengeld will now face severe restrictions in its payment transactions.
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