Germany’s financial regulator, BaFin, has set new deadlines for Deutsche Bank to fix known issues in data-processing systems used to monitor money laundering and terrorist financing. BaFin said “changes in technical requirements necessitated new deadlines.” The regulator had previously set deadlines in 2021 and 2023.
Deutsche Bank acknowledged the order and said it was committed to compliance. “Significant progress has already been achieved with a substantial portion of the agreed measures,” the bank said.
The bank has worked for years to strengthen its controls after money-laundering failures led to fines and searches of its offices by authorities.
Separately, Deutsche Bank said it acted as a financier and hedge provider for Foresight’s Kondinin Wind Farm in Australia.