BaFin threatens Deutsche Bank with fines as deadlines to fix controls approach
Germany’s financial watchdog BaFin has threatened to fine Deutsche Bank if it misses crucial deadlines for fixing its money-laundering controls — the latest escalation of a four-year tussle between lender and regulator.
Bonn-based BaFin on Friday again publicly rebuked the country’s largest bank, highlighting that attempts over a number of years to improve measures against financial crime continued to fall short of expectations.
Deutsche has spent more than €2bn on improving these controls since an unprecedented intervention by BaFin in 2018, when it appointed KPMG as a special monitor and instructed the bank to take action on preventing money laundering and terrorism financing.
This story originally appeared on: Financial Times - Author:Olaf Storbeck
