Watchdog orders Deutsche Bank to re-examine 20,000 risky customers by June
11 Jan 2019

Germany’s financial markets watchdog is requiring Deutsche Bank to re-examine the files of about 20,000 risky clients by the end of June as part of its “know your customer” process, a person familiar with the matter said on Wednesday.

Deutsche Bank has come under fire for weaknesses in its procedures in identifying clients to prevent money laundering and the financing of extremists.

The June deadline was imposed when watchdog BaFin announced in September that it had ordered the lender to do more to prevent money laundering, without giving details.

– By Hans Seidenstuecker, Reuters, 9 January 2019.

Link to Reuters.

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