U.K. regulators faulted Deutsche Bank in a March letter for “serious” lapses in efforts to thwart money laundering, capping a review that already prompted the firm to make changes, according to a person with knowledge of the matter.
Bloomberg News reports that examiners criticized the bank’s ability to verify some clients’ identities and goals, or ensure that it wasn’t aiding organizations subject to international sanctions, the Financial Conduct Authority found in the March 2 letter sent to the firm, according to the person, who asked not to be identified discussing confidential communications.
The FCA outlined lapses in the U.K. within two parts of the company -- the global markets division and the corporate and investment banking business.
Deutsche Bank Co-CEO John Cryan pledged in November to improve procedures for bringing on new customers as part of a sweeping overhaul of internal controls meant to avoid a repeat of scandals and regulatory sanctions that have sapped earnings. The firm has been reorganizing regulation, compliance and anti-financial crime operations into a new structure with a global overseer.
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