Deutsche Bank named Laura Padovani to be its next group chief compliance officer and head of compliance, effective April 1.
Padovani, who spent the last five years as group CCO at Barclays, will replace Pascal Tagné at Deutsche Bank. Tagné will continue as group CCO until Padovani takes over, according to an internal memo signed by Deutsche Bank Chief Administrative Officer Stefan Simon and seen by Compliance Week. Padovani will be based in London.
“Laura has demonstrated her ability to implement change and address conduct and financial crime risk remediation,” the memo said. “She has extensive experience dealing with regulators and evolving regulatory frameworks. Bringing this expertise into our bank will support us in reaching the next level.”
Tagné will relocate to Singapore and become the bank’s head of compliance for the Asia Pacific region as well as head of corporate bank compliance. He will assume the role of deputy chief compliance officer from Graham Kent, who will lead the bank’s business selection and conflicts office as well as head compliance functions. Kent will report to both Simon and Padovani, the memo said.
Padovani has spent her entire 30-year career in compliance roles. In addition to seven years at Barclays, she worked for 20 years at American Express across two separate stints and more than three years at global insurer Aviva.
Deutsche Bank’s compliance function was criticized by the Securities and Exchange Commission and Commodity Futures Trading Commission as part of a $1.8 billion enforcement sweep of 11 financial institutions announced in September. The bank failed to properly monitor off-channel electronic communications by its employees, the U.S. regulators said, and was ordered to pay a total of $200 million in fines.
Deutsche Bank has been ordered by German financial regulator BaFin to tighten its anti-money laundering and countering the financing of terrorism controls to be in compliance with the German Money Laundering Act. The bank has been given until mid-2023 to comply. German law enforcement officials conducted a raid of Deutsche Bank’s Frankfurt headquarters in April.
The bank has also been dogged by its failure to properly monitor high-risk customers, including disgraced financier and accused child sex trafficker Jeffrey Epstein. Deutsche Bank paid $26.3 million to settle a class-action lawsuit in September and was assessed a $150 million fine by the New York State Department of Financial Services in 2020 for “significant compliance failures” related, in part, to Epstein.
No comments yet