Rewrite AML compliance strategy, Deutsche told
WASHINGTON, DC – US banking regulators have ordered Deutsche Bank to rewrite its Anti-Money Laundering (AML) compliance programme because its AML controls are inadequate, according to enforcement action released by the Federal Reserve System.
"Deutsche Bank provides significant correspondent banking services to both US and non-US banks, and conducts a high volume of US dollar funds transfer clearing for its respondent banks and examiners have identified compliance and risk management deficiencies in these operational areas," say the regulators.
Deutsche Bank becomes the latest major foreign bank to face enforcement action by American regulators in their continuing crackdown on weaknesses in Bank Secrecy Act (BSA) and AML controls.
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