Germany orders Deutsche Bank to do more to prevent money laundering

Deutsche Bank has again came under suspicion. Federal Office for Supervision of the Financial Sector of Germany (BaFin) reports that the regulator demanded Deutsche Bank to take concrete measures in order to strengthen the fight against money laundering and terrorist financing. This suggests that the regulator found flaws in the bank's activities, The Wall Street Journal notes. Recall that the bank has already been fined due to a scandal about large-scale money laundering from the countries of the former USSR through an Estonian division.

 

Moreover BaFin extended the powers of a special representative in order to monitor compliance with the requirements. He evaluates the progress of the bank and provides a report on his actions.

 

Deutsche Bank said it has significantly improved its controls, spent about $ 2.4 billion and expanded its anti-money laundering team to more than 1,600 over the past two years, WSJ reports.

 

Representatives of the bank claim that the work has not been completed yet.