The Paypers: Spain-based Banca March has been under scrutiny, facing over €6m fine due to suspected breaches of AML regulations

Regulators fined Banca March for failing to apply enhanced due diligence and conduct a mandatory special examination, labelling these as serious AML violations. The case involves the bank’s handling of an account tied to clients who had previously regularized funds through Spain’s Tax Agency. Banca March denies wrongdoing, arguing it followed proper due diligence and that the transaction had prior approval from the Tax Agency…