According to Bloomberg, the U.S. Federal Reserve is scrutinizing how Germany’s largest banking institution handled suspicious transactions from Danish lender Danske Bank. Alongside other regulators, the Fed has a duty to ensure financial institutions under its purview follow anti-money laundering regulations.
Did Deutsche Bank Conduct Adequate Due Diligence?
Per the report, the Fed’s focus is on whether Deutsche Bank, as a correspondent bank of Danske, undertook adequate monitoring of funds transfers it performed at the request of the Danish lender.
This was specifically in relation to transactions