Erscheinung:30.04.2021 | Topic Measures, Anti-money laundering Deutsche Bank AG: BaFin expands special representative´s mandate
On 29 April 2021, in order to prevent money laundering and terrorist financing, BaFin ordered that Deutsche Bank AG adopt further appropriate internal safeguards and comply with due diligence obligations, in particular with regard to regular customer reviews. This also applies to correspondent relationships and transaction monitoring. The order is issued on the basis of section 51 (2) sentence 1 of the German Money Laundering Act (Geldwäschegesetz – GwG).
In order to monitor the implementation of this measure, BaFin has expanded the mandate of the special representative appointed in an official notice dated 21 September 2018 under section 45c (1) in conjunction with subsection (2) no. 6 of the German Banking Act (Kreditwesengesetz – KWG). The special representative is to report on and assess the progress of the implementation. This information is published on the basis of section 57 of the GwG (for the order) and section 60b of the KWG (for the expansion of the special representative’s mandate).
The official notice became final on 29 April 2021.
