Tuesday, June 1st, 2021
The stock market day
Deutsche Bank boss promises better money laundering controls
According to media reports about impending money laundering sanctions by the US Federal Reserve, Deutsche Bank boss Christian Sewing promised greater efforts in the fight against financial crime. The institute has already invested billions in the expansion of control systems in recent years, but it is clear that the bank has more to do, Sewing said at an industry conference. “We will continue to invest a significant amount in technology, particularly systems to combat financial crime.” Sewing had announced this over and over again in the past few months.
At the weekend, the “Wall Street Journal” and the Bloomberg news agency reported that the US Federal Reserve had determined in its annual assessment that Deutsche Bank still had shortcomings in terms of compliance and risk management. Sanctions, including large fines, are also possible. Deutsche Bank does not want to comment on the reports.
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