For years, Deutsche Bank has been trying to remedy deficiencies in the fight against money laundering. The progress does not seem to be enough for the supervisory authority.
The financial regulator Bafin will continue to closely monitor Deutsche Bank in its fight against money laundering and terrorist financing. The authority extended the mandate of the special representative appointed in September 2018 at Germany’s largest financial institution until October 30, 2024.
This emerges from a published decision. Accordingly, Bafin ordered “measures to improve data processing systems for monitoring transactions” on November 21, 2023. If the Frankfurt DAX group does not correct deficiencies, it could face fines.
In September 2018, Bafin instructed Deutsche Bank to “take appropriate internal security measures and comply with general due diligence obligations” in connection with the prevention of money laundering and terrorist financing. To monitor the measures ordered, the financial regulator sent a special watchdog to the financial institution – a first in the German banking industry at the time.
When asked, Deutsche Bank said that Bafin “had not identified any new deficits, but had set a binding time frame for the implementation of the measures that had already been agreed.” The bank will continue to work closely with Bafin and use the necessary resources to complete these measures on time.
Source: Stern
