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Home»Fintech»German watchdog urges Allianz to improve internal controls
Fintech

German watchdog urges Allianz to improve internal controls

August 12, 2022No Comments1 Min Read
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German watchdog urges Allianz to improve internal controls
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Germany’s monetary regulator BaFin has name on Allianz to enhance its inner controls following a fraud scandal of their US fund unit.

A supply advised Reuters that BaFin despatched the German monetary companies firm a letter calling for enchancment of controls weeks in the past. That is the newest in a string of fraud-related developments throughout Allianz’s undertakings within the US.

In Might 2021, Allianz paid over $6 billion and its US funds unit pleaded responsible to felony securities fraud for collapsed funding funds early on in the course of the pandemic. An investigation carried out by BaFin final summer time revealed that guilt lay with the hedge fund managers.

An Allianz spokesperson knowledgeable German enterprise information journal, WirtschaftsWoche, that the corporate “all the time meets the very best danger administration and compliance requirements,” and as an “bettering and studying group, this results in a tradition of steady enchancment at Allianz, strengthens our resilience and lays the inspiration for the profitable execution of the Allianz group technique and the accompanying digital transformation.”

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