As an AML/CFT measure, Germany’s Federal Financial Supervisory Authority (BaFin) has ordered Deutsche Bank AG to improve its internal AML/CFT controls and compliance with due diligence requirements. BaFin’s order came into action on April 29, 2021.
The issuance of this order follows section 51 (2) of the German Money Laundering Act. In particular, the BaFin wants Deutsche Bank to pay special attention to regular customer reviews, correspondent relationships and transaction monitoring.
To ensure that Deutsche Bank implements its orders, BaFin has extended the authority of a special representative appointed in 2018. This special representative will examine the status of implementation of BaFin’s orders by the Bank and report to BaFin.