The US Federal Reserve has warned Deutsche Bank

The US Federal Reserve (Fed) has warned Deutsche Bank over the past few weeks that the money house is still failing to address deficiencies in its anti-money laundering controls. This is what people who are familiar with communication report. Accordingly, the Federal Reserve is now so angry that it threatens the bank with a fine. Deutsche Bank says it has invested extensive resources in finding suspicious transactions. However, in the opinion of the Fed, the bank is not making progress, but is stepping back. The US Federal Reserve reported this to Deutsche Bank, the informants say. The Fed also let them know that some of the anti-money laundering control issues needed immediate attention. A spokesman for Deutsche Bank said the bank did not comment on the dialogue with regulators. A Fed spokesman declined to comment. The Fed's harsh words contrast with the bank's statement that it has worked diligently to improve its systems. The money house has left most of its legal troubles behind. The Fed’s latest warning comes four years after Deutsche Bank’s US operations were classified as problematic. In May 2020, the Fed again warned the bank of lax money laundering controls. Also in 2020, Deutsche Bank compared itself with the New York Department of Financial Services about its role as a correspondent bank in one of Europe's largest money laundering scandals and the inadequate supervision of its business with the deceased financier and convicted sex offender Jeffrey Epstein. In 2017, the Fed fined Deutsche Bank $ 41 million for failing to maintain effective anti-money laundering management. Deutsche Bank is Germany's largest lender and, as a dollar clearing bank regulated by the Fed, a major player in global financial transactions. Banks are required to monitor the way money flows through their systems to prevent proceeds from criminal activities from entering the economy. They need to know who their customers are and report transactions that indicate potentially illegal activity to the authorities. Deutsche Bank's financial health has improved since it began restructuring in 2019 to drastically cut costs and give up some businesses, including stock trading in the United States. This year it recorded the strongest quarter in seven years.