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Deutsche Bank struggling to clean up money laundering problems

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Deutsche Bank struggling to clean up money laundering problems

7th August, 2018

“Deutsche Bank has uncovered shortcomings in its ability to fully identify clients and the source of their wealth, more than a year after it was fined nearly $700 million (€603 million) for allowing money laundering”, reports The Irish Times.

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

In a world of growing KYC requirements, global financial institutions are increasingly turning to technology for effective and scalable solutions to ensure KYC and AML compliance. At Know Your Customer, we provide a range of end-to-end compliance solutions designed to suit every organisation’s KYC needs. Find out more.

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