The Federal Financial Supervisory Authority (BaFin) watchdog found that Deutsche Bank failed to file timely reports on suspicious transactions, an important aspect of preventing money laundering and terrorist financing.。A statement said that this had a serious impact on the integrity of the financial industry and the order of financial activities, and therefore imposed an administrative fine of 170,000 euros on the bank.。

BaFin steps up measures to combat financial misconduct

The regulator added that the submission of such reports allows authorities to act quickly, such as passing information to law enforcement agencies if necessary.。

BaFin said: "If a credit institution suspects that a business transaction or other transaction may be related to money laundering or terrorist financing, it must submit a report to the German Financial Intelligence Agency.。

This is not the first time Deutsche has clashed with financial authorities.。In September, the U.S. Securities and Exchange Commission (SEC) filed a complaint against Deutsche Bank subsidiary DWS Investment Management Americas Inc..Issue a warning。

Deutsche Bank faces multiple regulatory actions

The penalty comes from two separate enforcement actions: DIMA's failure to develop an effective anti-money laundering program and misleading statements on environmental, social and governance (ESG) investment practices.。The alleged misconduct violated the Bank Secrecy Act and the Financial Crimes Enforcement Network.。

Although DIMA advises mutual funds with significant assets, it allegedly does not have policies and procedures in place to detect money laundering activities, as required by law.。SEC Enforcement Director Gurbir Grewal stresses importance of tailored anti-money laundering programs for mutual funds。

Despite calling itself an ESG leader, the SEC found that DIMA failed to fully enforce its global ESG integration policy between August 2018 and the end of 2021.。