BaFin orders Deutsche Bank to implement additional safeguards

Tuesday 4 May 2021 13:35 CET | News

BaFin, the financial regulatory authority in Germany, has ordered Deutsche Bank to implement additional safeguards to prevent money laundering.

The regulator asked the lender to adopt appropriate internal safeguards and comply with due diligence obligations particularly regarding regular customer reviews. The order also pertains to correspondent relationships and transaction monitoring.

Additionally, BaFin extended the placement of a special representative to monitor the implementation of the new directive.

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Keywords: Deutsche Bank, money laundering, AML
Categories: Fraud & Financial Crime
Countries: Germany
This article is part of category

Fraud & Financial Crime

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