Bank requests details about ownership and other KYC documents from about 1,000 customers
As part of efforts to improve its AML Compliance, Deutsche Bank has notified approximately 1,000 customers that they will need to provide additional information about their Ultimate Beneficial Owners.
According to the Wall Street Journal, Deutsche Bank seeks to boost their KYC (Know Your Customer) due diligence on these particular investment-banking customers. In addition to the ownership information, the bank is seeking additional documentation for KYC.
Deutsche Bank has been in the spotlight repeatedly over recent years about AML Compliance requirements. As a part of its efforts to achieve Compliance requirements, teams inside the bank have been reviewing customer files and making sure that high-risk accounts relative to money laundering and related concerns receive the due diligence that is appropriate to that risk level, according to the Journal.
The Journal describes the latest efforts as “focused on the global transaction bank…which is part of the investment bank, lends money to companies to finance their global trade flows and processes international cash transfers for banks, other corporations and governments.”
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