Deutsche Bank Software Glitch Hindered Checks Of Transactions For Years - Reports
Daniyal Sohail 28 days ago Wed 22nd May 2019 | 11:20 PM
Deutsche Bank has found a glitch in its software that has been hindering analysis of transactions of large clients and, therefore, struggle with suspicious financial operations for years, local media reported
According to the Suddeutsche Zeitung newspaper, the Deutsche Bank has several applications for monitoring risks related to various transactions, and one of the apps had two incorrectly defined parameters. The glitch prevented second checks of transactions from being completed.
The problem, which had remained unnoticed for about 10 years, was found a day before the shareholders' meeting, during which investors are going to call for the resignation of the Supervisory Board's Chairman Paul Achleitner.
The bank has reportedly informed the German Federal Financial Supervisory Authority and the US Federal Reserve System about the found glitch. The bank also said that it was working to solve the problem as soon as possible.
Deutsche Bank has been repeatedly fined for failing to fight money laundering as well as to comply with sanctions against foreign countries and entities.