German regulator finds ‘serious deficits’ in Leonteq’s due diligence

The German financial supervisory authority has reprimanded a subsidiary of Swiss derivatives specialist Leonteq. Regulator BaFin identified deficiencies at the company ‘in the precautions taken to prevent money laundering and terrorist financing’. These must be remedied, it said. ‘Serious deficits were identified in the outsourcing of internal security measures, the…