Exclusive Deutsche Bank Reports Show Chinks In Money Laundering Armor

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Exclusive Deutsche Bank Reports Show Chinks In Money Laundering Armor

FRANKFURT – Deutsche Bank has uncovered shortcomings in its ability to fully identify clients and the source of their wealth, internal documents seen by Reuters show, more than a year after it was fined nearly $700 million for allowing money laundering.

In two confidential reviews, dated June 5 and July 9, Germany’s biggest lender detailed the results of tests on a sample of investment bank customer files in several countries, including Russia.

Both reviews found gaps in Deutsche’s screening process, which aims to meet so-called “Know Your Customer” (KYC) requirements that are a cornerstone of global anti-money laundering controls.

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