Deutsche Bank has made management changes and announced a strategic overhaul that includes thousands of job cuts and scaling back its global investment bank as it battles to recover from three consecutive years of losses. The German financial watchdog KPMG warned Deutsche Bank it must take action to prevent money laundering. The regulator has appointed Deutsche Bank as a special adviser to assess the bank’s progress over last year . The bank, which the next three years agreed to pay $630m following US and US investigations into alleged money laundering, conceded it needs to bolster its processes for fully identifying clients, although the exact measures it plans have not been revealed.
The German financial watchdog KPMG warned Deutsche Bank it must take action to prevent money laundering. The regulator has appointed Deutsche Bank as a special adviser to assess the bank’s progress over last year . The bank, which the next three years agreed to pay $630m following US and US investigations into alleged money laundering, conceded it needs to bolster its processes for fully identifying clients, although the exact measures it plans have not been revealed.