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Watchdog orders Deutsche Bank to re-examine 20,000 risky customers by June

Reuters  |  FRANKFURT 

(Reuters) - Germany's financial markets watchdog is requiring to re-examine the files of about 20,000 risky clients by the end of June as part of its "know your customer" process, a person familiar with the matter said on Wednesday.

has come under fire for weaknesses in its procedures in identifying clients to prevent money laundering and the financing of extremists.

The June deadline was imposed when watchdog BaFin announced in September that it had ordered the lender to do more to prevent money laundering, without giving details. It said it had appointed a third party, KPMG, to assess progress.

first reported the requirement earlier on Wednesday.

declined to comment.

The customers will be re-evaluated under the terms of a new money laundering directive. The bank will have another year or more to examine the status of less risky customers.

(Reporting by Hans Seidenstuecker; Writing by Tom Sims; Editing by and Jan Harvey)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 01:43 IST
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