| Deutsche Bank signs agreement to revise anti-money laundering policies |
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WASHINGTON - The Federal Reserve and state regulators have issued orders to the Deutsche Bank Trust Company Americas to take appropriate steps to shore up its anti-money laundering practices.
Deutsche Bank has signed an agreement with the Federal Reserve and the New York State Banking Department saying that it would indeed beef up its anti-money laundering policies and would report the same to the regulators within the stipulated period of two months. Deutsche Bank Trust Company Americas oversees the transfer of a large volume of U.S. dollar funds from other clearing banks.
The Federal Reserve did not elaborate on the missteps that have been taken by the Deutsche Bank. Under the aforesaid agreement that was inked on Wednesday, Germany's largest Bank also agreed to report any suspicious transactions and customer vetting methods to the regulators in an effort to prevent unethical and problematic procedures.
"There have been no findings of money laundering, and the bank remains committed to a rigorous anti-money laundering compliance program," said Deutsche Bank spokesman Ted Meyer in a statement.
He confirmed that the Bank had entered into an agreement with the regulators to revise its anti-money laundering policies. Most of the problem with the Bank was found to involve Correspondent banking services where banks provide each other services like exchanging currency. The Fed found that some large banks were conducting illegal activities involving the same. Last year, a Treasury Department agency had imposed a record fine of $25 million on Washington-based Riggs Bank for its handling of foreign accounts.
Deutsche Bank had already signed on in October 2000 to adopt voluntary measures to fight money laundering.
Posted
on : Sat, 15 Oct 2005 14:30 GMT | Banking News
By : Paula Jenkins
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