ZCZC
BCN-38
DEUTSCHE-BANK-PROCEDURE
Deutsche Bank not raising any red flags about Russian authorities –
source
LONDON, August 24, 2018 (BSS/TASS) – Deutsche Bank is not raising any
red flags about the activities of the Russian government, a source in the
banking sector told TASS.
“Deutsche Bank does not have any complaints towards the Russian
government, and the letter of the bank, addressed to the Russian government
was standard procedure,” the source said.
Press service of Deutsche Bank also commented on the matter. “Deutsche
Bank’s global compliance management system is geared towards strict adherence
to the law, and our KYC procedures are a key part of our overall compliance
system,” the bank stated. “Just like practically any other bank, a standard
part of our KYC procedures is to carry out regular formal reviews of all of
our counterparties around the world,” the bank’s representative said.
On Thursday, Vedomosti wrote that the Russian government did not meet
the requirement of Deutsche Bank London, which, in the framework of the Know
Your Customer practice, asked clients to provide up-to-date information about
themselves.
Deutsche Bank warned that failure to provide the latest information
could compel the bank to terminate business relations. The request came right
when the groundwork was being laid for a ban on investing in Russia’s bond
market as part of the new package of tougher US sanctions.
BSS/TASS/HR/1215