By AML Intelligence Correspondents
GERMAN regulator BaFin has withdrawn a special monitor at Deutsche Bank who was installed after the bank had not remedied deficiencies in money-laundering controls, it’s reported.
In February, BaFin extended the mandate of the monitor, in place since 2018, to October 2024 and threatened to fine the lender if the bank didn’t improve deficiencies that it found in transaction monitoring.
At the time, the bank, which is Germany’s largest and has periodically run into compliance issues with regulators over the years, said it was cooperating and investing resources.
Deutsche Bank and BaFin did not comment on Thursday’s report in Die Welt.
Another special monitor appointed in October 2023 to oversee Deutsche Bank’s handling of consumer service problems at its Postbank unit is still active, according to the media organization.
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