The German watchdog had ordered Deutsche Bank to review its group-wide risk management processes in the area of correspondent banking and to adjust them where necessary. In order to monitor the implementation of this measure, Bafin said in a statement it had widened the mandate of the special representative appointed in September 2018.
Deutsche Bank acted as a correspondent bank for Danske Bank in Estonia, meaning it helped transfer funds on behalf of the Danish lender from Estonia to places like New York. Denmark’s largest bank is under investigation over suspicious payments totalling EUR 200 billion from 2007 until 2015 from its Estonia branch.
However, the large German bank said that there were no indications of misconduct on its part, according to Reuters. So far it has received requests for information from regulators and law enforcement agencies, including the US Federal Reserve, investigating Danske Bank.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now