Saturday, May 1st, 2021
Anti-money laundering measures
Bafin increases pressure on Deutsche Bank
According to the Bafin, Deutsche Bank must take more measures in the fight against money laundering and terrorist financing. The specially appointed special representative at the largest German financial institution is therefore even being expanded.
The Bafin requires Deutsche Bank to make additional efforts in the fight against money laundering and terrorist financing. The largest German money house must “take further appropriate internal security measures and comply with due diligence,” demanded the Bafin. This applies to processes for customer updates, business with correspondent banks and the monitoring of monetary transactions.
“Our arrangement is intended to bring about sustainable improvements in the prevention of money laundering at Deutsche Bank,” said a Bafin spokeswoman. The mandate of the special representative appointed at the bank in 2018 is thus expanded and extended. Actually it would have expired in September.
Deutsche Bank said it had spent around two billion euros on improving control systems over the past two years and hired numerous new employees. “But we are also aware that there is still work to be done: We will continue to invest significantly in 2021 and beyond, especially in the fight against financial crime,” said a spokeswoman.
Bank boss Christian Sewing wrote a letter to the approximately 85,000 employees on Wednesday when the quarterly figures were presented: “Please remain vigilant and report suspected cases and any misconduct. And use the training and information offers that our control functions offer you . “
The Bafin employed the special representative at Deutsche Bank three years ago in order to be able to better check the implementation of the prescribed measures. It was the first time ever that the financial supervisory authority hired such an inspector in the area of money laundering at a financial institution. In the past, Deutsche Bank has repeatedly come under fire for inadequate control of certain transactions or customers.
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