Regulatory

BaFin orders Deutsche Bank to implement additional safeguards

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BaFin, the financial regulatory authority in Germany, has ordered Deutsche Bank to implement additional safeguards to prevent money laundering.

The regulator asked the lender to adopt appropriate internal safeguards and comply with due diligence obligations particularly regarding regular customer reviews. The order also pertains to correspondent relationships and transaction monitoring.

Additionally, BaFin extended the placement of a special representative to monitor the implementation of the new directive.

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