Group of professionals discuss finance

Breaking news and expert analysis on legal and compliance issues

[Back To Home][Back To Archives]

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

MainStory: TopStory BankingFinance BankSecrecyAct FedTracker OversightInvestigations

Back to Top

Banking and Finance Law Daily

Introducing Wolters Kluwer Banking and Finance Law Daily — a daily reporting service created by attorneys, for attorneys — providing same-day coverage of breaking news, court decisions, legislation, and regulatory activity.

A complete daily report of the news that affects your world

  • View full summaries of federal and state court decisions.
  • Access full text of legislative and regulatory developments.
  • Customize your daily email by topic and/or jurisdiction.
  • Search archives for stories of interest.

Not just news — the right news

  • Get expert analysis written by subject matter specialists—created by attorneys for attorneys.
  • Track law firms and organizations in the headlines with our new “Who’s in the News” feature.
  • Promote your firm with our new reprint policy.

24/7 access for a 24/7 world

  • Forward information with special copyright permissions, encouraging collaboration between counsel and colleagues.
  • Save time with mobile apps for your BlackBerry, iPhone, iPad, Android, or Kindle.
  • Access all links from any mobile device without being prompted for user name and password.