In a recent statement, German financial watchdog BaFin announced that it had ordered Deutsche Bank to take specific measures to prevent money laundering and terrorism financing or risk facing fines.
BaFin and other watchdogs, including the US Federal Reserve, have repeatedly criticized the lender for deficiencies. Deutsche has been spending billions of euros in a campaign spanning several years to fill the persistent holes in its controls. According to a Bloomberg report, its chief executive officer’s decision last year to once again step up investment on the issue was a key reason why the bank has missed several cost targets.
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