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Germany’s BaFin warns Deutsche Bank of potential fines if it doesn’t improve money laundering controls

February 20, 2024


The regulator has extended the stay of its special representative at Deutsche Bank until 30 October 2024 to report on and assess the progress of the bank’s implementation of safeguards against money laundering and terrorist financing. The representative was first instated by BaFin in 2018.

BaFin says: “On November 21, 2023, BaFin ordered Deutsche Bank AG to take specific measures to improve data processing systems for monitoring transactions to prevent money laundering and terrorist financing. The decision has been legally binding since December 29, 2023.

“BaFin has threatened to impose penalty payments in the event of non-fulfillment.”

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