The German Federal Financial Supervisory Authority (BAFIN) has identified serious weaknesses in the Varengold Bank AG in preventing money laundering and terrorist funding.
Therefore, Bafin ordered the Foundation to take appropriate and appropriate measures to address these shortages. In addition, Bafin imposed on the Varengold Bank AG an administrative fine of 3.3 million euros and a coercive fine of 500,000 euros.
In the special inspection conducted in 2022 and the annual checks for 2022 and 2023, Varengold Bank AG has been found to have serious weaknesses in preventing money laundering, in particular in executing Iran transactions.
Bafin found deficiencies for example in relation to the following legal obligations: Risk Analysis, Creating and Operation of an Informatics Monitoring System, Divine Custom Officer and Compliance with Internal Affairs. Serious weaknesses have a significant impact on the prevention of the Foundation for money laundering and terrorism funding.
On July 25, 2025, Bafin thus ordered the Foundation to restore weaknesses. The administrative order is final and binding.
Varengold Bank AG has submitted a written rehabilitation plan to Bafin and must report to Bafin on a constant basis on the state of deficiency recovery.
In addition, BAFIN imposed a fine of € 3.3 million on Varengold Bank AG. From June 2023 to March 2025, the Foundation had systematically failed to submit suspicious trading reports within the planned period. The administrative delicate series is final and binding.
In addition, in an administrative order issued on February 26, 2025, BAFIN imposed a forced fine of 500,000 euros on Varengold Bank AG for two violations of the administrative order of Laverings and Seromestices and other advanced Iran. legalization.
The administrative order imposed by the forced fine is final and binding.