Deutsche Bank has had a troubled past regarding anti money laundering compliance.
The Federal Reserve has stated that it fined Deutsche bank $186 million for failing to address money laundering control problems and other shortcomings that were previously identified by the US Central Bank. The Federal Reserve had identified issues in 2015 and 2017, which resulted from deficiencies in controls with Deutsche Bank’s relationship with the Estonian branch of Danske Bank.
The Federal Reserve Board has stated that, “The Board found that Deutsche Bank made insufficient remedial progress under the 2015 and 2017 consent orders and had deficient anti-money laundering internal controls and governance processes relating to its prior relationship with the Estonian branch of Danske Bank.”
Deutsche Bank is required to meet the requirements set forth by regulators or it may face additional, greater fines and penalties.
The Importance of a Robust Anti Money Laundering Compliance Program
Global, federal, state, and local regulatory bodies have established anti-money laundering rules to both prevent money laundering and detect individuals or organizations involved in financial crime.
Regulated businesses like banks, casinos, real estate vendors, auditors, insurance companies, and other financial institutions are required to ensure AML compliance as defined by AML legislation.
A key component of AML regulatory compliance is the AML screening process. Using methods like AML screening helps regulated businesses meet compliance obligations and ensure they are not involved in criminal activity. While all regulated businesses must comply with AML legislation, there are also benefits of performing AML screening: identifying risky customers, ensuring regulatory compliance, and detecting suspicious financial transactions.
How Truth Technologies Can Help
At Truth Technologies, we are proud to be a trusted provider of global risk anti money laundering compliance solutions.
Our Sentinel™ software application provides additional protection for your business by accurately and efficiently identifying high risk customers and helps you meet both national and global KYC/AML compliance standards. If you want to reduce false positives and eliminate the challenges of due diligence, look no further.
To learn more about AML screening tools, request a demo or contact us today. We’ll show you what makes Sentinel™ from Truth Technologies the best choice for customer due diligence and AML processes.
