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5d ago Hedge Fund dealbreaker Views: 50

It’s almost as if five years of stern warnings and meaningful shakes of the head haven’t gotten through yet.For some number of years now, regulators from around the world have told Deutsche Bank, over and over and over again, more or less politely, to cut it out with the money laundering. And yet, everywhere they look, they find more money laundering.Now, we don’t know about you, but it seems to us that telling Deutsche Bank not to launder money anymore, in whatever tone of voice, doesn’t seem to be working. That perhaps more serious measures than fines or babysitters or stern talking-tos might be in order. But we are not the German financial regulatory authorities and lack their unerring sense of how to nip trouble in the bud.In 2018, BaFin took the extraordinary step of installing the auditor KPMG as a special monitor at Deutsche to oversee progress on money-laundering controls…. Now, BaFin is expanding KPMG’s mandate.BaFin said in a brief statement that it wanted improved controls particularly regarding “regular customer reviews,” applying also to correspondent banking and the monitoring of transactions.Well, if it hasn’t worked for three years, surely the fourth—with feeling—with do it.Germany orders Deutsche Bank to do more to prevent money laundering [Reuters via CNBC] -

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