Deutsche Bank ditched Hertha Berlin over links to Lars Windhorst
Deutsche Bank ditched Hertha Berlin as a client over the Bundesliga football club’s links to financier Lars Windhorst, after a series of scandals forced the German lender to step up its compliance regime.
The bank took the decision last year, according to four people familiar with the matter, after the Financial Times reported that Windhorst was under investigation by Berlin prosecutors over potential violations of the country’s banking act following a criminal complaint by German financial watchdog BaFin. The last Hertha account at Deutsche was closed recently, the people added.
The move was a result of Deutsche’s tightened anti-money-laundering controls, two of the people told the FT.
This story originally appeared on: Financial Times - Author:Olaf Storbeck
