German regulator extends Deutsche Bank deadline to fix money laundering prevention systems

By Tom Sims

BERLIN, Oct 9 (Reuters) - Germany's financial watchdog BaFin said on Friday it had set new deadlines for Deutsche Bank to remedy previously known deficiencies in data-processing systems used to monitor transactions for money laundering and terrorist financing.

Banks are required by law to operate systems that monitor transactions and business relationships for suspicious activity and keep those systems continuously updated.

BaFin had already given Germany's largest lender a timeframe to fix shortcomings in 2021 and 2023, but said on Friday that "changes in technical requirements necessitated new deadlines".

Deutsche Bank said it was committed to complying with the order.

"Significant progress has already been achieved with a substantial portion of the agreed measures," the bank said.

Over the years, Deutsche Bank has worked to tighten its controls after authorities fined it and searched its offices over a series of money laundering lapses.

(Reporting by Tom Sims, Writing by Friederike Heine; Editing by Thomas Seythal and Joe Bavier)