Deutsche Bank risk losing access to the UK market following Brexit

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Deutsche Bank risk losing access to the UK market following Brexit 1

Bank of England officials have voiced concerns that Deutsche Bank is failing to improve its anti-money laundering (AML) controls and have warned the German lender that it could lose access to the UK market following Brexit, the Financial Times reported.

The bank’s latest compliance troubles come four years after it was first censured by British regulators and placed under special supervision by the Financial Conduct Authority (FCA) for “serious” and “systemic” violations tied to its AML, terrorist financing and sanctions controls, according to the news agency.

Going forward, Deutsche Bank must update the financial regulator on its compliance efforts on a monthly basis, the FT said, citing individuals with knowledge of the matter.

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