Germany orders Deutsche Bank to do more to prevent money laundering By Reuters

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© Reuters. FILE PHOTO: Germany’s Deutsche Bank headquarters are pictured in Frankfurt

FRANKFURT (Reuters) -The German financial regulator BaFin has ordered Deutsche Bank (DE:) to enact further safeguards to prevent money laundering, BaFin said on Friday, a blow to the nation’s largest lender as it tries to repair its reputation.

In 2018, BaFin took the extraordinary step of installing the auditor KPMG as a special monitor at Deutsche to oversee progress on money laundering controls.

It was the first time that the German regulator had made such an appointment and follows a series of money laundering lapses.

Now, BaFin is expanding KPMG’s mandate.

BaFin said in a brief statement that it wanted improved controls particular regarding “regular customer reviews”, applying also to correspondent banking and the monitoring of transactions.

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

“The order is the result of a constructive supervisory dialogue with the BaFin and reflects that the bank continues to attach the highest priority to detecting and remedying possible weaknesses in control processes,” Deutsche Bank said.

“We are working intensively to also comply with the new requirements within the given timeframe,” Deutsche said.

BaFin said in a separate emailed statement that it sought to “bring about sustainable improvements in money laundering prevention at Deutsche Bank.”

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