Fenergo Executive Weighs in on Deutsche Bank Fine

Rory Doyle, Head of Financial Crime Policy, at Fenergo stated, “The Fed’s fine of Deutsche Bank proves how challenging it is to consistently carry out due diligence and monitor high-risk clients across jurisdictions and business lines without a drastic review of siloed technologies and a realignment with policies.

"In this current regulatory landscape, banks must take a proactive approach to strengthen their compliance controls. Leveraging technology to streamline processes and gain a real-time view of risk will enable more effective client due diligence in the detection and prevention of financial crime on a continuous basis.

"As fines against major banks rise, more attention must be paid to corporate governance, anti-money laundering controls, and inspection practices — or firms risk facing the consequences.”