German regulator orders Deutsche Bank to do more to prevent money laundering

imageStock Markets8 minutes ago (Apr 30, 2021 01:45PM ET)

(C) Reuters. FILE PHOTO: Germany’s Deutsche Bank headquarters are pictured in Frankfurt

FRANKFURT (Reuters) – The German regulator BaFin has ordered Deutsche Bank (DE:DBKGn) to enact further safeguards to prevent money laundering, BaFin said on Friday.

Deutsche Bank said in a statement it was improving its controls but “we are also aware that there is still work to be done”.

Since 2018, BaFin has been using KPMG to monitor Deutsche Bank’s progress in improving its internal controls.

“Our order is intended to bring about sustainable improvements in money laundering prevention at Deutsche Bank,” BaFin said in a statement. “The special commissioner will help us to continue closely monitoring this, both now and in the future.”

German regulator orders Deutsche Bank to do more to prevent money laundering

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