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Deutsche Forced to Improve Anti-Money Laundering Procedures

Stephen Harris

17 October 2005

Deutsche Bank Trust Company Americas has been ordered by the US Federal Reserve and state regulators to take appropriate steps to beef up its anti-money laundering practices. The company oversees the transfer of a large volume of dollar funds from other clearing banks. Germany’s largest bank has signed an agreement with the Federal Reserve and the New York State Banking Department complying with its demands to improve anti-money laundering policies. The regulators have not expanded publicly on the problems at Deutsche Bank. Deutsche has also agreed to report any suspicious transactions and customer vetting methods to the regulators in an effort to prevent unethical and problematic procedures. "There have been no findings of money laundering, and the bank remains committed to a rigorous anti-money laundering compliance program," said a Deutsche Bank spokesman in a statement. Deutsche Bank had already signed an agreement in October 2000 to adopt voluntary measures to fight money laundering.