Deutsche Bank Sorry If It Put Little To No Effort Into Making Sure Clients Weren't Money Laundering, Engaging In Other Shady Activity

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Now that it knows that's the sort of thing regulators frown upon, the Germans will be sure to try harder moving forward.

U.K. regulators faulted Deutsche Bank AG 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. 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 Said to Be Faulted by FCA Over Lax Client Vetting [Bloomberg]

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