Deutsche Bank failings in sanctions and AML controls

Deutsche Bank has discovered failings in its sanctions and anti-money laundering controls, which may have led to cheques and high-value electronic payments from corporate clients to foreign recipients being processed without proper screening. The bank’s internal auditors in London identified the issues in a report to executives, and classed the issues as F3 and F4 (a grave deficiency and an extremely grave deficiency) on the German financial regulator BaFin’s AML scale.

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About Michael O'Kane

Michael O'Kane

Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...

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