In common with many global banks, Deutsche Bank has come under the AML regulatory spotlight of late. And then, on 4 January 2017, it was announced that Deutsche’s Global Head of Anti-Financial Crime, an Englishman called Peter Hazlewood, was quitting after only six months in the job, although staying with Deutsche. According to Der Spiegel (warning: it’s in German), Mr Hazlewood was well qualified for the role, having been a senior detective inspector in the Hong Kong police force and then working in an AML capacity at HSBC, JP Morgan, Standard Chartered and Development Bank of Singapore. But he had a strained relationship (what my Google translation charmingly renders as “atmospheric disturbances”) with Sylvie Matherat, the Board member responsible for compliance, to whom Mr Hazlewood reported. Other sources suggest that Mr Hazlewood was unhappy with the staffing levels of his AML team, and that he thought the compliance team should be more assertive. Whatever the details of this particular situation, it will sound familiar to many working in the AML community: once again, despite all the fine Board-level words about fighting financial crime, AML is under-resourced, under-appreciated and, whenever possible, undercut.
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