- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-12-19T17:05:00
Deutsche Bank said it is about “two-thirds” of the way toward meeting Germany’s financial regulator’s demands for tighter controls to combat money laundering and terrorist financing.
Last month, BaFin said in a press release it told Deutsche Bank on Sept. 28 to take “specific measures” to prevent money laundering and terrorist financing, giving it a deadline of mid-2023 to comply. The bank said it is confident it will meet the deadline to complete the rest of the requirements.
Failure to do so would risk unspecified financial penalties under the German Money Laundering Act.
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Deutsche Bank was assessed a penalty of €170,000 (U.S. $180,000) by Germany’s financial supervisory authority for failing to timely submit suspicious transaction reports.
DWS Investment Management Americas agreed to pay $25 million in penalties across separate settlements with the Securities and Exchange Commission addressing alleged misstatements in environmental, social, and governance investments and anti-money laundering violations.
Germany is set to establish its new Federal Bureau of Financial Intelligence as the country’s office overseeing monitoring and analysis of money laundering and sanctions enforcement, according to multiple reports.
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
