BaFin probes Deutsche Bank money laundering control

August 17
4:17 PM 2013

According to a newspaper report, German regulator BaFin probed whether Deutsche Bank should improve its controls against money laundering.

Welt am Sonntag reported without citing sources that it took time for Deutsche Bank to report some suspicious transactions to the police. This stirred BaFin's view regarding the problem which confronted largest bank in Germany's. A possible reason which delayed the submission of the report to the authorities was because the bank's alarm systems were not set up correctly.  

BaFin is now probing if whether the problem is indeed with the bank's alarm systems or wider, said newspaper. The probe was a part of an investigation into the setting of interbank lending rates.

In advance excerpt from the newspaper article to be published on Sunday, the maximum fine would be EUR100000 once the bank is found guilty. However, Deutsche Bank said that it took serious responsibilities with regards to anti-money laundering.

Both BaFin and Deutsche Bank refused to give comments specifically on the report.

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