19 Feb 2019
German financial watchdog Bafin has extended the mandate of its monitor at Deutsche Bank over the bank’s role in a money laundering scandal involving Danske Bank.
Deutsche Bank acted as a correspondent bank for Danske Bank in Estonia, meaning it helped transfer funds on behalf of the Danish lender from Estonia to places like New York.
Bafin said on Friday it had ordered Deutsche Bank to review its group-wide risk management processes in the area of correspondent banking and to adjust them where necessary.
– By Arno Schuetze, Reuters, 15 February 2019
Link to Reuters
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet