For some variety of years now, regulators from world wide have instructed Deutsche Bank, over and over and over once more, roughly politely, to chop it out with the cash laundering. And but, all over the place they look, they find more money laundering.
Now, we don’t learn about you, but it surely appears to us that telling Deutsche Bank to not launder cash anymore, in no matter tone of voice, doesn’t appear to be working. That maybe extra critical measures than fines or babysitters or stern talking-tos could be so as. But we’re not the German monetary regulatory authorities and lack their unerring sense of how to nip trouble in the bud.
In 2018, BaFin took the extraordinary step of putting in the auditor KPMG as a particular monitor at Deutsche to supervise progress on money-laundering controls…. Now, BaFin is increasing KPMG’s mandate.
BaFin stated in a short assertion that it wished improved controls significantly relating to “regular customer reviews,” applying additionally to correspondent banking and the monitoring of transactions.
Well, if it hasn’t labored for 3 years, absolutely the fourth—with feeling—with do it.
Germany orders Deutsche Bank to do more to prevent money laundering [Reuters via CNBC]