Deutsche Bank to Revise its Compliance and Risk Management Functions
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Deutsche Bank is working on reforming its compliance function and risk management measures. The bank will now improve its Chief Risk Office to develop a seamless transition. The responsibility for the compliance and anti-financial crimes function will now be passed to the Chief Administrative Officer Stefan Simon.
The new changes will allow the bank to improve its functions that were required by the regulators. One such measure is the change in the upper-level management to improve the compliance measures.
“We have invested a great deal in our controls over the past few years and have made significant progress,” Mr Sewing said. “We know that we must continue to invest and improve further—and the new Chief Administrative Officer’s job will be to do just that.”
The bank is working on its reputation with the regulators as it has been heavily fined recently under non-compliance charges. The bank agreed to a settlement to pay $130 million for not complying with financial regulations. This settlement is recent in the series of penalties that the bank had to pay in the U.S and the U.K including the charges of weak money laundering preventive measures.
Last year, a report by Financial Crime Enforcement Network (FinCEN) disclosed that the bank was involved in moving millions of dollars for a Ukrainian who is now facing fraud charges. A report suggests that Deutsche bank is one of the banks that has gained profits from the powerful global players known to be involved in corruption and criminal activities.
Dan Hunter, a Deutsche Bank spokesman said, “We take responsibility for these past actions, which took place between 2008 and 2017, and the bank is determined to put these matters firmly in the past.”
The bank has shuffled its leadership which resulted in many executive-level members leaving the bank including the Stuart Lewis, Chief Risk Officer of the bank for the past 25 years. Chief Operating Officer Frank Kuhnke is also expected to leave the german lender.
