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BERLIN, April 19 (Reuters) – Germany’s monetary watchdog BaFin mentioned on Tuesday it had appointed a consultant to make sure the German unit of Turkey’s Ziraat Financial institution (TCZIR.UL) fulfills obligations together with obeying legal guidelines in opposition to cash laundering.
BaFin mentioned it appointed the consultant after the Frankfurt-based Ziraat Financial institution Worldwide AG didn’t obey its order to make sure its enterprise complied with the German Cash Laundering Act.
In July 2021, the regulator had mentioned it was in talks with Ziraat Financial institution’s German unit – which is energetic in financing commerce between Turkey and Germany – over issues about some mortgage transactions and the financial institution’s steadiness sheet.
Ziraat Financial institution declined to remark.
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Reporting by Zuzanna Szymanska in Berlin and Ebru Tuncay in Istanbul,
Enhancing by Thomas Escritt
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