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Deutsche Bank latest to come under fire for lax AML controls

Jaclyn Jaeger | September 24, 2018

Deutsche Bank has become the fourth bank in the past month to get into regulatory trouble for having lax anti-money laundering controls in place, joining Danske Bank, ING, and Credit Suisse.

On Sept. 21, Germany’s market regulator ordered Deutsche Bank to step up its game concerning the prevention of money laundering and terrorist financing. BaFin under the German Money Laundering Act (Geldwäschegesetz) ordered Deutsche Bank to “take appropriate internal safeguards and comply with general due diligence obligations.” It further took the extraordinary measure of assigning a monitor to oversee the bank.

“To monitor the implementation of the ordered measures, BaFin has appointed a special representative,” the regulator...

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