Frankfurt The financial regulator Bafin has tightened the capital requirements at the Grenke leasing group. Numerous deficiencies were found at Grenke and Grenke Bank in the course of a special audit, Bafin justified the step on Wednesday. These showed improper business organization and weaknesses in money laundering prevention. Until the problems are resolved, the company has to meet tougher equity requirements. In addition, the supervisors ordered that proper business organization must be ensured.
As the leasing company announced, Grenke now has to meet a capital ratio of 10.5 percent instead of the previous 9.0 percent – a premium of 1.5 percentage points. At the subsidiary Grenke Bank, the rate was increased by three percentage points to 11.5 percent. The company said it had now launched an extensive project to further develop the organization. A good part of the deficiencies have already been worked off.
The capital add-on is to be lifted again as soon as the supervisor is of the opinion that the weaknesses have been eliminated. According to Grenke, the company’s growth plans for 2022 will not be impacted by the additional capital surcharges. The Bafin carried out a special test between autumn 2020 and spring 2021.
More: The Next Wave of Law Enforcement: Masses of Cum-Ex Money Laundering Reports
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