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German regulator says Deutsche Bank must audit 20,000 high-risk customers

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German regulator says Deutsche Bank must audit 20,000 high-risk customers

Deutsche Bank AG has to re-examine the accounts of around 20,000 clients at its corporate and investment bank by June-end at the request of German financial supervisory authority BaFin, Handelsblatt reported.

The regulator wants to make sure that the group complies with the latest anti-money laundering rules and know-your-client procedures and is most worried about weaknesses in the CIB division, according to the Jan. 9 report. The new audit should find whether all necessary customer data is available and if not, Deutsche Bank must update its database by the summer, the newspaper noted.

BaFin has also requested further audits of medium-risk clients by June 2020 and of low-risk customers by June 2021, Handelsblatt said. Both Deutsche Bank and BaFin declined to comment on the process, it added.

Last year, Deutsche Bank got in hot water with international authorities in the money laundering scandal at Danske Bank A/S. The group was also investigated by German authorities in separate money laundering probes connected to a former subsidiary as well as to an former anti-money laundering official officer.