Deutsche Bank report reveals shortcomings in its screening process, raises anti-money laundering concerns

REUTERS/Kai Pfaffenbach

• Deutsche Bank has uncovered shortcomings in its ability to fully identify clients and the source of their wealth.
• The bank was previously fined nearly $ 700 million for allowing money laundering.
• Sample tests of investment bank customer files from several countries, including Russia, revealed gaps in the bank’s screening process.
• Deutsche Bank is under pressure after three consecutive years of losses, and it agreed to pay a $ 7.2 billion settlement with the US for its sale of toxic mortgage securities in the run-up to the 2008 financial crisis.

FRANKFURT (Reuters) – Deutsche Bank has uncovered shortcomings in its ability to fully identify clients and the source of their wealth, internal documents seen by Reuters show, more than a year after it was fined nearly $ 700 million for allowing money laundering.

In two confidential reviews, dated June 5 and July 9, Germany’s biggest lender detailed the results of tests on a sample of investment bank customer files in several countries, including Russia.

See the rest of the story at Business Insider

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