09:36 GMT09 July 2020
Listen Live
    Get short URL
    0 22

    MOSCOW (Sputnik) – Deutsche Bank has found a glitch in its software that has been hindering analysis of transactions of large clients and, therefore, struggle with suspicious financial operations for years, Suddeutsche Zeitung reported.

    According to Suddeutsche Zeitung newspaper, the Deutsche Bank has several applications for monitoring risks related to various transactions, and one of the apps had two incorrectly defined parameters. The glitch prevented second checks of transactions from being completed.

    The problem, which had remained unnoticed for about 10 years, was found a day before the shareholders' meeting, during which investors are going to call for the resignation of the Supervisory Board’s Chairman Paul Achleitner.

    READ MORE: Deutsche Bank Flagged Trump, Kushner Accounts for Suspicious Activity — Reports

    The bank has reportedly informed the German Federal Financial Supervisory Authority and the US Federal Reserve System about the found glitch. The bank also said that it was working to solve the problem as soon as possible.

    Deutsche Bank has been repeatedly fined for failing to fight money laundering as well as to comply with sanctions against foreign countries and entities.

    computer glitch, cyber security, transaction, Deutsche Bank, Federal Reserve System, Germany
    Community standardsDiscussion