Lapses in Deutsche Bank’s Money-Laundering Controls

According to U.S. congressional investigators, Deutsche Bank’s money-laundering controls have had possible failures in the dealings with Russian oligarchs. This article will shed light on the case and will also help you find an exceptional merchant services provider if you need chargeback insurance. 

Money Laundering & Chargeback Insurance

The 1st results of the investigation haven’t been announced yet: the investigation is still going on. So, it’s still unclear whether some action will be taken against the bank or not. In fact, the investigation is also focused on Deutsche Bank’s close relationship with Mr. Trump and his family. 

By the way, lawmakers are also working on identifying whether Deutsche Bank has made it easier to transfer illegal funds into the U.S. as a correspondent bank or not. In this case, transactions could have been processed for others.

As you know, money laundering is a huge problem in the payments industry. The majority of banks that offer services to customers from different countries take measures to put an end to the activity of obtaining money illegally. 

With all this being said, it’s extremely important for merchants accepting payments online to work with a true payment expert. With a reputable payment processing company that offers the latest fraud prevention and chargeback mitigation services, you can avoid unsecure transactions. Also, you can get the best help with chargeback insurance. 

Failures in Deutsche Bank’s Money-Laundering Controls   

Approximately 10 years ago, the biggest bank in Germany, Deutsche Bank AG, became one of the largest banks around the globe. However, 2008’s financial crisis created huge problems for the bank. Since then, this financial institution has worked hard to get back on its track. Now, the bank is again going through hard times. 

The above-mentioned investigation shows that Deutsche Bank staff were concerned about their Russian clients and transactions. However, the managers left those concerns in ignorance. The House of Representatives Financial Services Committee didn’t provide any comments on the matter. 

To sum up, the U.S. Congressional Probe has revealed possible issues in Deutsche Bank’s money-laundering controls. The final word will be expressed after the investigation is complete. 

Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that can best help merchants interested in chargeback insurance. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.