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NEWS: Sluggish implementation of AML reforms at Deutsche Bank leaves C-Suite top 10 with €1M hit to bonuses

Premium March 17, 2023

SLOW IMPLEMENTATION: Deutsche Bank ceo Christian Sewing, who was one of the bank's top 10 leaders who took a hit to his bonus after the supervisory board noted the sluggish implementation of AML and KYC reforms.

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NEWS: Frankfurt re-confirmed as AMLA seat at European Parliament, putting an end to speculation Spanish MEPs would seek new vote

NEWS: Europe’s most wanted who bought 172 homes worth €50M thru ML goes on run after being released in ‘fiasco’ by Spanish court

NEWS: Banks say AML regulations not clear, do not address realities of modern AFC operations – report

DEUTSCHE Bank’s ceo Christian Sewing and his top team took a £1M hit to their annual bonus when the supervisory board issued a rare rebuke over delays in improving internal controls Deutsche is in the crosshairs German regulator BaFin over sluggish implementation of required AML reforms. The bank’s annual report released today (Friday) says the…

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Premium

NEWS: Frankfurt re-confirmed as AMLA seat at European Parliament, putting an end to speculation Spanish MEPs would seek new vote

NEWS: Europe’s most wanted who bought 172 homes worth €50M thru ML goes on run after being released in ‘fiasco’ by Spanish court

NEWS: Banks say AML regulations not clear, do not address realities of modern AFC operations – report

Regulatory Watch News

  • Pakistani smuggling network busted in Romania

    Europol

    A cross-border investigation led by the Romanian Police (Poliția Română), supported by Europol and involving the Austrian Police (Landeskriminalamt Salzburg) and the Italian Carabinieri Corps (Arma dei Carabinieri), has resulted in the dismantling of an organised crime group involved in migrant smuggling. The group arranged the illegal arrival in Romania of migrants via fraudulently obtained work visas, before facilitating their further illegal movements towards other EU countries.

  • PSR seeks views on its proposed approach to supervision

    Payment Systems Regulator

    The Payment Systems Regulator (PSR) has published a call for views on its proposed approach to supervision, having established a Supervision and Compliance Monitoring division last year. The division was created to drive compliance with the PSR’s requirements, something that has become increasingly important as the regulator uses its powers to boost competition, increase choice and tackle payment fraud. The division will improve outcomes for everybody that uses payment systems by deterring and challenging poor practise within firms.

  • G7 Cyber Expert Group conducts cross-border coordination exercise in the financial sector

    European Central Bank

    The G7 Cyber Expert Group completed a cross-border coordination exercise on 17 April 2024. G7 authorities routinely exercise to ensure they can effectively coordinate and communicate their response in the event of a widespread cyber incident affecting the financial system. The primary objective of the exercise was to strengthen the ability of G7 financial authorities in effectively communicating and coordinating their respective responses to facilitate crisis management in the event of a significant cross-border cyber incident affecting the financial sector.

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