Following a series of financial crime scandals, including its alleged role in handling money embezzled from the Malaysia state-owned investment fund 1MDB, Deutsche Bank is back in the news. The bank has launched a Client-Data compliance probe after laying off approximately 50 traders from their London & New York offices.

According to the report, the probe is to determine whether former employees were able to access price-sensitive data and whether current employees aided their former colleagues in obtaining such information. The bank issued a statement saying “Access to trading systems was turned off immediately for employees being put at risk of redundancy.” However, a few employees had continued access to their work emails through personal devices for a limited time.

In recent months, the bank has been in trouble over its purported failure to file suspicious activity reports linked to US President Donald Trump and his son-in-law Jared Kushner. The bank has also faced increased scrutiny as German authorities have escalated an investigation into tax evasion and money laundering by Deutsche customers.

They are also in the process of eliminating about 18000 positions in an attempt to overhaul its compliance procedures. As part of that effort, Deutsche Bank is also investing €4 billion in its internal controls and combining its anti-money laundering, risk and compliance functions.

Argus Global specializes in regulatory compliance. We can help you determine if your company is up to date with the latest regulations with compliance reviews, and we offer as well ongoing support for all your compliance needs.

Date: 29 July 2019

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