Overview
- Deutsche Bank notified the Bundesbank that it may have fallen short in enforcing rules for customers with links to Russia.
- Internal checks identified deposits that appear to exceed the €100,000 limit the EU sets for accounts held by Russian nationals.
- The bank set up a taskforce led by a private-banking manager who reports to retail board member Claudio de Sanctis.
- Deutsche Bank said it reviews its sanctions processes on an ongoing basis and informs supervisors when it finds weaknesses.
- People familiar with the review said the flagged cases come from mass retail accounts rather than sanctioned-list individuals or wealth clients.