FRANKFURT — Deutsche Bank on Monday acknowledged a lapse in its money laundering controls, underlining the bank’s continuing struggle to move beyond a series of scandals that have helped push its stock price to a record low. An internal audit uncovered deficiencies in the way that the bank processed checks on behalf of clients, Deutsche Bank said in a statement. The audit, which examined the bank’s operations in Britain, did not find any cases of money laundering or breaches of international sanctions that occurred because of the lapses, the bank said. Deutsche Bank issued the statement after a report in The Financial Times, which said that checks processed on behalf of three large corporate clients were supposed be screened by two employees, but instead received only a cursory review by one worker. The bank, which did not deny the report, said it is working to improve its technology to prevent financial crimes.

Source: International New York Times June 10, 2019 15:45 UTC