By Syndicated Content
May 18, 2021 | 1:41 PM
NEW YORK (Reuters) â Deutsche Bank has appointed Joe Salama, its U.S. general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to employees on Tuesday.
Germanyâs largest lender has been the subject of numerous regulatory and legal investigations over the past decade. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators.
Last month, the German financial regulator BaFin ordered Deutsche Bank to enact further safeguards to prevent money laundering, a blow to the bankâs efforts to repair its reputation.
Deutsche Bank taps US general counsel to lead white collar crime unit
Deutsche Bank has come under scrutiny over money laundering failures (Getty Images)
Deutsche Bank has tapped its US general counsel to become global head of anti-financial crime and group anti-money laundering officer, the lender said today.
In a memo to employees seen by Reuters, the German banking giant said Joe Salama would head up its efforts to crack down on white collar crime.
Deutsche Bank has come under scrutiny from numerous regulatory and legal investigations over the past decade.
It has been forced to pay a string of major fines for money laundering lapses, including for its links to the Danske Bank scandal and its operations in Russia.
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By Jaclyn Jaeger2021-05-03T17:54:00+01:00
Germany’s market regulator on Friday signaled Deutsche Bank still has more to do concerning previously ordered improvements to its anti-money laundering (AML) compliance controls.
BaFin announced it has “expanded the mandate” of a monitor it placed at Deutsche Bank nearly three years ago. In September 2018, BaFin ordered the bank to “take appropriate internal safeguards and comply with general due diligence obligations” under the German Money Laundering Act (Geldwäschegesetz). The regulator took the extra step of assigning KPMG as a monitor to oversee the bank.
Though Friday’s statement is short, it suggests the problems at Deutsche Bank persist. BaFin ordered the bank to “adopt further appropriate internal safeguards” and continue improving compliance with due diligence obligations, particularly regarding customer reviews.
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