Reserve Bank of India fines Deutsche Bank over KYC, anti-money laundering violation
26 Nov 2018

India’s central bank has hit Deutsche Bank with a ₹ 30.10 million (about $420,000) penalty for failing to comply with know your customer (KYC) and anti-money laundering standards.

An RBI official confirmed the development to KYC360 over the phone but was not in a position to provide further details. Deutsche did not respond with a comment by press time.

In August this year, a European news report stated that the bank had uncovered some flaws in its ability to fully identify clients and the source of their wealth.

It conducted two internal review and ‘found a pass rate of zero percent in countries such as Russia, Ireland, Spain, Italy and South Africa when it checked how client files had been processed.’

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