The German financial watchdog BaFin warned Deutsche Bank it must take action to prevent money laundering . REUTERS/ The bank has appointed KPMG as a special adviser to monitor the bank ’s progress over the next three years . The bank , which last year agreed to pay $ 630 million following UK 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 BaFin warned Deutsche Bank it must take action to prevent money laundering . The bank has appointed KPMG as a special adviser to monitor the bank ’s progress over the next three years . The bank , which last year agreed to pay $ 630 million following UK 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 .