GERMANY’S Bitcoin Group said on Wednesday (Nov 29) it was taking measures to improve its internal control system, after the financial regulator BaFin ordered its subsidiary futurum bank to remedy shortcomings on money-laundering and terrorist financing.

“The Bitcoin Group expressly points out that there are currently no indications of violations of money laundering and terrorist financing laws within the Group,” the company said in a statement.

The company said it had already taken measures in the current financial year to meet regulatory requirements and that it aimed “to remedy the identified deficiencies in a timely manner”.

On Tuesday, BaFin identified “severe deficits” at futurum bank involving its internal security measures, its fulfilment of due diligence obligations and its system for reporting suspicious activity.

“We are actively working with BaFin to quickly address the criticised weaknesses in our internal processes, which have not kept pace with the company’s growth in recent years,” Bitcoin Group chief executive Marco Bodewein said in the statement. REUTERS