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Deutsche Bank Ordered to Take Action to Prevent Money Laundering

Nicholas Comfort
Deutsche Bank Ordered to Take Action to Prevent Money Laundering

Three years ago, Deutsche Bank AG pledged to improve internal controls to avoid a repeat of fines that had eroded earnings and damaged trust. In the latest reprimand, the German markets regulator on Monday said it ordered Deutsche Bank to improve money-laundering and terrorism-financing controls, and took the unprecedented step of appointing a monitor to oversee the efforts. The move is a reminder of the scale of the challenges Deutsche Bank faces in improving compliance and oversight of its businesses after spending some $17 billion on fines for misconduct and to resolve other legal claims over the past decade.