Regulator probes Deutsche Bank over money laundering controls
Monday, 19 August 2013 00:00
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FRANKFURT: German regulator BaFin is looking into whether Deutsche Bank should improve the controls it has in place against money laundering, a German paper reported.
In BaFin’s view, Germany’s largest bank took too long to report some suspicious transactions to the police, possibly because the bank’s internal alarm systems were not set up correctly, Welt am Sonntag reported, without citing its sources.
BaFin is now looking at whether the problem is wider, the paper said.
The maximum fine would be 100,000 euros ($133,300), the paper said in an advance excerpt of an article due to be published on Sunday.
BaFin and Deutsche Bank declined to comment specifically on the report.
Deutsche Bank said though that it took its responsibilities on anti-money laundering seriously.
“In light of changing regulatory requirements, Deutsche Bank is expanding its capacities and systems continuously. We cooperate closely with authorities globally,” a spokesman said.
BaFin is already looking into Deutsche Bank, among other banks, as part of an investigation into the setting of interbank lending rates.
