(Bloomberg) — Deutsche Bank AG defended its role in one of Europe’s biggest money-laundering scandals in a rare hearing before European lawmakers that highlighted increasing frustration with the lender and its German supervisor.
Called before the European Parliament after Deutsche Bank was once again tied to a number scandals late last year, Stephan Wilken, head of its anti-financial crime unit, on Monday night insisted the firm was serious about cleaning up its act. He reiterated that as a correspondent bank for Danske Bank A/S, the lender at the center of the money laundering case, Deutsche Bank had no role in vetting clients.
Handling funds of another bank’s clients is “a core tool to allow international trade,” Wilken told lawmakers in Brussels. “As of today, there are no safe and credible alternatives to correspondent banking.”