FRANKFURT, April 17 (Reuters) - Deutsche Bank has notified its supervisors of a possible breach of sanctions rules that limit deposits of Russian individuals to less than 100,000 euros ($117,940), a
Deutsche Bank Reports Possible Breach of Russia Sanctions Deposit Rules
Deutsche Bank Notifies Supervisors of Potential Sanctions Violation
Background of the Possible Sanctions Breach
FRANKFURT, April 17 (Reuters) - Deutsche Bank has notified its supervisors of a possible breach of sanctions rules that limit deposits of Russian individuals to less than 100,000 euros ($117,940), a person with knowledge of the matter said on Friday.
Formation of Compliance Working Group
The possible breach emerged after Deutsche Bank earlier this year formed a working group to study compliance with stricter sanctions laws, the person said.
Bank's Statement on Sanctions Compliance
"Deutsche Bank continuously reviews its processes related to sanctions compliance as part of the ordinary course of business," the bank said in a statement.
Proactive Measures and Supervisory Notification
"Whenever we identify potential issues, we put in place appropriate measures to adapt and improve our processes and we inform the relevant supervisory authorities proactively. We cannot comment further beyond this," the bank said.
Media Coverage and Additional Information
Finanz-Szene first reported the development.
($1 = 0.8479 euros)
(Reporting by Tom Sims; editing by Sabine Wollrab and Friederike Heine)
