Deutsche Bank plans to invest more in technology to prevent money laundering, according to the head of the division that processes its transactions.
Germany’s biggest bank was hit by a scandal over suspected money laundering at its Moscow office over the summer and last month said it was closing part of its business inRussia as part of a review of its global structure.
It has also yet to settle with U.S. authorities over alleged sanctions-related violations, following investigations of peers like Commerzbank and Societe Generale for moving funds through the U.S. financial system for countries such as Iran and Sudan.
Werner Steinmueller, head of Deutsche Bank’s Global Transaction Banking (GTB) business, told Reuters the lender planned to increase spending on systems to prevent money laundering.