Deutsche Bank efforts to meet BaFin order reflective of EU’s AML struggles

Deutsche Bank

Deutsche Bank said it is about “two-thirds” of the way toward meeting Germany’s financial regulator’s demands for tighter controls to combat money laundering and terrorist financing.

Last month, BaFin said in a press release it told Deutsche Bank on Sept. 28 to take “specific measures” to prevent money laundering and terrorist financing, giving it a deadline of mid-2023 to comply. The bank said it is confident it will meet the deadline to complete the rest of the requirements.

Failure to do so would risk unspecified financial penalties under the German Money Laundering Act.

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