German regulator orders Deutsche Financial institution to do extra to stop cash laundering By Reuters
© Reuters. FILE PHOTO: Germany’s Deutsche Financial institution headquarters are pictured in Frankfurt
FRANKFURT (Reuters) – The German regulator BaFin has ordered Deutsche Financial institution (DE:) to enact additional safeguards to stop cash laundering, BaFin mentioned on Friday.
Deutsche Financial institution mentioned in an announcement it was bettering its controls however “we’re additionally conscious that there’s nonetheless work to be accomplished”.
Since 2018, BaFin has been utilizing KPMG to watch Deutsche Financial institution’s progress in bettering its inner controls.
“Our order is meant to result in sustainable enhancements in cash laundering prevention at Deutsche Financial institution,” BaFin mentioned in an announcement. “The particular commissioner will assist us to proceed carefully monitoring this, each now and sooner or later.”
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