Germany's Financial Regulator Tells Deutsche To Tighten Data Processing

Editorial Staff

19 April 2024

The German financial supervisory authority, BaFin, has told to take specific measures to improve data processing systems for transaction monitoring," the regulator told WealthBriefing in an emailed statement. "There are no new findings in the order, which set a binding timeframe for the implementation of measures that were already agreed. We will continue to fully cooperate with BaFin and invest the necessary resources to implement these measures within the deadline. Regarding BaFin’s November 2022 order in the context of KYC, the bank has in the meantime completed the measures. As announced by BaFin, the special representative will monitor the implementation progress of the agreed measures for the improvement of our transaction monitoring systems, which we already have partially completed.”

Deutsche reported its fourth-quarter and 2023 financial results here.