Deutsche Bank Said to Be Faulted by FCA Over Lax Client Vetting
- Firm says it's fixing lapses regulator cited in March letter
- Lender already assigned five top executives to internal review
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U.K. regulators faulted Deutsche Bank AG in a March letter for “serious” lapses in efforts to thwart money laundering, capping a review that already prompted the firm to make changes, according to a person with knowledge of the matter.
Examiners criticized the bank’s ability to verify some clients’ identities and goals, or ensure that it wasn’t aiding organizations subject to international sanctions, the Financial Conduct Authority found in the March 2 letter sent to the firm, according to the person, who asked not to be identified discussing confidential communications. The FCA outlined lapses in the U.K. within two parts of the company -- the global markets division and the corporate and investment banking business.