By STEPHEN RAE for AMLi
TODAY’s Fed announcement is just the latest high-profile anti-financial crime (AFC) penalty and woe for Deutsche Bank.
Indeed the Fed’s penalties highlight years of regulatory struggles for the German banking giant – on both sides of the Atlantic.
Over the last four years the headcount in its global financial crime team has risen by a quarter to 2,000. They will have their work cut out as the regulator warned that should Deutsche continue to fall short on its measures, it may impose “additional and escalated formal actions . . . including additional penalties or additional affirmative corrective actions.”
The bank’s board has been told in stark terms by the Fed to apply as much resource and staffing as needed to fix the issues by year’s end. That is indeed a tall order, given the lender is effectively
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