Money laundering prevention: BaFin imposes administrative fines on Deutsche Bank AG

Oct 20th '23

The Federal Financial Supervisory Authority (BaFin) has imposed administrative fines amounting to 170,000 euros on Deutsche Bank AG. The fines were imposed because BaFin ascertained that the company submitted suspicious transaction reports with a delay.


The administrative fine order is final and binding.


Background information

Credit institutions must submit a report to the German Financial Intelligence Unit if they suspect that a business transaction or other transaction might be related to money laundering or terrorist financing.


Such suspicious transaction reports must be submitted without delay. This allows the Financial Intelligence Unit to promptly take further action if necessary, such as forwarding the information to law enforcement agencies.



In a final and binding administrative order issued on 21 March 2023 on the basis of section 56 (1) no. 69 of the German Money Laundering Act (Geldwäschegesetz – GwG), in the version of Article 1 of the Act of 25 June 2021 (Federal Law Gazette Part I, p. 2083), the Federal Financial Supervisory Authority (BaFin) imposed five administrative fines totalling 170,000 euros on Deutsche Bank AG.


The administrative order is final and binding.


Source: Bafin


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