FRANKFURT (Reuters) – Germany’s financial watchdog BaFin has called on Allianz to improve its internal controls following fraud at its U.S. funds unit, WirtschaftsWoche reported on Friday.
The regulator sent Allianz a letter with concrete demands some weeks ago, the magazine reported, citing sources close to Allianz.
BaFin was not immediately able to comment, and Allianz could not immediately be reached.
In May, Allianz agreed to pay more than $6 billion and its U.S. asset management unit pleaded guilty to criminal securities fraud over the collapse of a group of investment funds early in the COVID-19 pandemic.
(Reporting by Tom Sims and Alexander Huebner, editing by Rachel More and Maria Sheahan)
