Deutsche Bank has acknowledged that its anti-money laundering processes remain inefficient more than a year after it was fined almost $700 million for helping wealthy Russians move money out of the country.
Bloomberg News reports that responding to a Reuters report Friday that the bank had uncovered shortcomings in its ability to identify clients and the sources of their wealth, the bank said internal reviews showed its processes remain too complex, though they were effective.
“We are not struggling with procedures designed to help prevent criminals from money laundering and other criminal action,” Germany’s biggest lender said in a statement. “What the documents show is that our internal processes are still too complicated. So it is not about effectiveness, but about the efficiency of our processes. We still need to improve in terms of internal processes.”
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