Computer glitch plagues Deutsche Bank's suspicious-activity scan
FRANKFURT--Deutsche Bank AG found a glitch in computer systems that retroactively scan corporate clients' transactions for suspicious activity, the latest sign of trouble in the lender's efforts to guard against potential money laundering by clients.
The glitch, which might have been in place for close to a decade, hampered a program that scans payments involving corporate clients after they pass through the bank so it can flag suspicious patterns to regulators, a person familiar with the matter said. Regulators rely on such information, gathered from a wide range of financial companies, to prevent money laundering and terrorism funding through the global banking system.
The Deutsche Bank program in question "was configured erroneously with two out of 121 parameters defined incorrectly," it said in a statement Wednesday. "Deutsche Bank is working on correcting the error as quickly as possible and is in close contact with the regulators." The problem was discovered by employees in Europe and reported to regulators recently, and the bank is still investigating the problem, the person said. It's unclear what companies, countries or types of cash flows were affected by the transaction-review issues.Comment
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