AML Compliance investigation results in Frankfurt raids


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Fallout from the Panama Papers revelations resulted in multiple raids on Deutsche Bank offices in Frankfurt last week. Deutsche Bank has been buffeted by various regulatory investigations in recent years, and this particular investigation appears to focus on the actions of two employees and their off-shoring work in the years 2013-2018.

According to the NY Times report, prosecutors are investigating allegations that Deutsche Bank employees assisted customers in using front companies in tax-haven locations to skirt AML Compliance regulations that help prevent money laundering.

Regulators in Germany and in the U.S. have ordered Deutsche Bank to improve its AML Compliance controls. A primary issue for the bank has been its KYC/CDD efforts related to identifying its customers and verifying the sources of their wealth.

Financial-crime authorities and politicians in Germany and elsewhere have expressed concern about the range and number of regulatory issues at Deutsche Bank in recent years. Shares of the bank have dropped substantially. Deutsche’s CEO Christian Sewing asserts that the bank has moved forcefully to review and improve its compliance and that the employees newly accused deserve the presumption of innocence until the conclusion of the process.


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