Germany’s chief financial officer has ordered Deutsche Bank to re-launch its anti-money laundering policy in light of reports that Christian Sewing, a senior, has been unable to rectify the crisis three years after taking office.
BaFin on Friday evening said he had expanded and expanded KPMG’s power, which to put as a special envoy in September 2018 to monitor the borrower’s progress in strengthening its internal systems.
The appointment of this special representative has not yet taken place in 2018. People familiar with the matter have told the Financial Times that KPMG will receive a new 36-month contract from BaFin.
The supervisor has asked Deutsche to establish “alternative internal security measures” and to “comply with the requirements”. Without elaborating, BaFin said the lender should address the shortcomings “especially in terms of regular customer reviews” and “its reporter”. [banking] relationships and monitoring of events ”.
In a statement Friday, Deutsche said it had “undergone a” change “of reforms, costing € 2bn over the past two years and now has 1,600 employees worldwide to deal with financial cases.
“We also know that there is still work to be done,” the lender said, adding that “it will continue to sell more money in 2021 and beyond, especially in the fight against financial crime”.
BaFin said the policy was “designed to facilitate continuous transformation by avoiding spending money on Deutsche Bank”, adding that a special inspector “will help us continue to monitor this, now and in the future”.
Referral of depositors was expanded by BaFin in February 2019 to investigate Deutsche’s position in Danske Bank’s currency in Estonia-house fraud, where a German lender was a mail bank and arranged for more than € 160bn in bills that would jeopardize entry limits.
In October, protesters in Frankfurt stupid Deutsche Bank € 13.5m for a report on suspicious activities organized by Danske Bank branch in Estonia.
Deutsche in March too he announced a new overhaul of his administration and administration, appointing attorney general Stefan Simon to oversee his anti-financial department and compliance. The job was handed over to Stuart Lewis, chief of risk, in mid-2019 after chase of senior critic Sylvie Matherat.
Lewis, a longtime member of the committee, resigned from the AGM in 2022, one year before his contract expired, after ten years in office.
Frank Kuhnke, chief operating officer, who oversees the Deutsche customer service, will also be out of the bank in May.