Following the withdrawal of the Deutsche Bank from the European market due to deficiencies in its anti-money laundering framework, the British Regulators have warned that the bank might lose access to the UK market due to series of critics on its anti-money laundering policy and compliance controls. According to Financial Times, the Bank of England is requesting for monthly updates from the Bank rather than quarterly report. In response to the statement of the regulators, Deutsche Bank said it has increased its number of staff combating money laundering three times the previous number since 2015 and we are investing heavily on risk and controls as they are ongoing process.
Deutsche Bank has faced series of regulatory scrutiny from authorities in the United States, Germany and other nations due to irregularities in its anti-money laundering and other controls. Recently, the bank reported 12,500 transactions of 500 clients to Amazon but was late in informing affected clients and regulators.
