Deutsche Bank Struggles to Master Anti-Money-Laundering Task
- German bank acknowledges shortcomings in automated controls
- Bank is still staffing up compliance despite cutting elsewhere
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Deutsche Bank AG acknowledged that its anti-money laundering processes remain inefficient more than a year after it was fined almost $700 million for helping wealthy Russians move money out of the country.
Responding to a Reuters report Friday that the bank had uncovered shortcomings in its ability to identify clients and the sources of their wealth, Germany’s largest lender said internal reviews showed its processes remain too complex, though they were effective.