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From Banking and Finance Law Daily, December 14, 2018

Warren, Van Hollen call for investigation of Deutsche Bank

By Andrew A. Turner, J.D.

Following the recent raid on the Deutsche Bank head office in Frankfurt as part of a money laundering probe, Sens. Elizabeth Warren (D-Mass) and Chris Van Hollen (D-Md) have asked the Senate Banking Committee to undertake an investigation into the bank’s compliance with Bank Secrecy Act and anti-money laundering regulations. In a letter to Committee Chairman Mike Crapo (R-Idaho), the Democratic senators expressed particular concern over Deutsche Bank’s role in correspondent banking—"whether the bank’s relationship with foreign institutions are allowing these foreign institutions and their customers access to the U.S. banking system."

The compliance history of Deutsche Bank raises questions about national security and criminal risks posed by its U.S. operations, according to the Warren and Van Hollen. They urge hearings to assess the adequacy of existing anti-money laundering safeguards, saying that a case study of the bank’s compliance problems would provide committee members with detailed examples to understand risks and identify preventive measures. The letter concludes by requesting an investigation, to be followed by a report and hearing.

Companies: Deutsche Bank

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