Deutsche Bank AG Settles Money Laundering Probe Worth $7.1 Million

Richard Marley
July 22, 2022
2 minutes read
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Deutsche Bank AG settled a money laundering case of $7.1 million over the probe by Frankfurt prosecutors for violations of AML regulations

The Deutsche Bank AG looked up an issue of a money laundering case that was put in by Frankfurt prosecutors on whether the bank violated money laundering prevention laws for 7.01 million euros ($7.1 million).

The bank agreed to the administrative penalty notice and accepted to pay an amount as per the statements of the lender. The Frankfurt prosecutors verified on completion of the investigative measures according to which the bank failed to file 701 reports of suspicious illicit activities. It mentioned that Deutsche Bank acted “thoughtlessly”.

The settlement came in a short time after the law enforcement officials raided the headquarters of the Deutsche Bank in Frankfurt as a part of the investigation. The bank is charged for processing the payments of Bashar Al-Assad the president of Syria and his family, though the role is limited to just providing a correspondent bank for another lender.

Deutsche Bank settles a probe by Frankfurt prosecutors into whether it was late to report suspicions of money laundering https://t.co/4QNjsTuAyP

— Bloomberg (@business) July 21, 2022

The bank should have assessed its involvement in most transactions and responded to warning signs as early as 2017. It Includes a French criminal case that resulted in a conviction, according to the prosecution. The Frankfurt probe began in 2021 after Deutsche Bank finally submitted two batches of bulk reports.

According to prosecutors, Deutsche Bank did not have a responsibility to investigate the clients of the lender it worked for, so a criminal investigation into money laundering itself was discontinued.

The police raided the Deutsche bank’s headquarters again in late May to look up on the funding and investment arm DWS over suspicions of greenwashing. It is one of the largest asset managers in Europe. The Chief Executive Officer of DWS, Asoka Woehrmann also stepped down shortly after the raid.

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Along with the rise in virtual and remote work, the number of cases of recruitment fraud is increasing at an unprecedented pace, urging authorities to take decisive action against criminals. Especially the pandemic resulted in huge mass layoffs giving setbacks to many sectors, ultimately creating massive inflation across the globe.

Now that the pandemic’s effects are diminishing, 97 million new job roles are to be expected by the next year, which will expedite fraudulent practices in the talent acquisition sector. Companies should be on their guard and implement a joint action plan to counter rising recruitment scams to secure their onboarding process.

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Keeping their credentials almost identical to the official company’s details, they send emails to job-seekers or post fake jobs. As soon as interested candidates apply, they conduct interviews to get sensitive information about candidates through telephonic or on-site interviews.

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In some cases, the scammers even seek money from the candidates in the name of background checks or certifications which directly cost them financial losses. In the US alone, users lost $86 million due to fake job opportunities posted on the internet.

Spotting the Signs of Recruitment Fraud

Recruitment fraud is the most unfortunate part of modern job hunting, where criminals prey upon candidates’ eagerness to find work for their living by creating scam job opportunities.

Here are a few signs that can help job seekers spot fraudulent elements during the recruitment process:

Legitimate hiring managers and employers never ask applicants to make any financial transaction in their personal or company account. Always say No to any person who is asking you to send money for any recruitment purpose.

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How Shufti Pro can Help

With transforming technologies, the overall market is growing to produce more job opportunities for interested candidates. As per the surveys, this number is expected to grow in the coming years, increasing recruitment fraud risks.

Through talent acquisition scams, criminals not only defraud job seekers but also damage the reputation of established companies. So it is in their higher interest to find and implement a credible solution that efficiently mitigates the risks of stolen identity or credentials.

Shufti Pro’s identity verification services present an ideal option to counter this problem through its advanced identification features, including document authentication, facial recognition and address verification.

Want to learn more about identity verification services for eliminating recruitment fraud?

Connect with a KYC Expert

Deutsche Bank AG Settles Money Laundering Probe Worth $7.1 Million

How Much Have Australians Lost to Scams?

How do Online Recruiting Scams Work?

Spotting the Signs of Recruitment Fraud

High Profile Criminal Cases of Recruitment Fraud

1. Europol Arrested a Gang Involved in €20 Million Employment Fraud

2. Hampton Gang Member Convicted for Pandemic Employment Fraud

Talent Acquisition Fraud and the Role of Law Enforcement Authorities

1. FBI Issued Instructions to Avoid Employment Scam

2. UK Government – Raising Awareness of Employment Scams

How Shufti Pro can Help

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