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Deutsche Bank not raising any red flags about Russian authorities — source

The letter of the bank, addressed to the Russian government was standard procedure, the source said

LONDON, August 23. /TASS/. Deutsche Bank is not raising any red flags about the activities of the Russian government, a source in the banking sector told TASS.

"Deutsche Bank does not have any complaints towards the Russian government, and the letter of the bank, addressed to the Russian government was standard procedure," the source said.

Press service of Deutsche Bank also commented on the matter. "Deutsche Bank’s global compliance management system is geared towards strict adherence to the law, and our KYC procedures are a key part of our overall compliance system," the bank stated. "Just like practically any other bank, a standard part of our KYC procedures is to carry out regular formal reviews of all of our counterparties around the world," the bank’s representative said.

On Thursday, Vedomosti wrote that the Russian government did not meet the requirement of Deutsche Bank London, which, in the framework of the Know Your Customer practice, asked clients to provide up-to-date information about themselves.

Deutsche Bank warned that failure to provide the latest information could compel the bank to terminate business relations. The request came right when the groundwork was being laid for a ban on investing in Russia's bond market as part of the new package of tougher US sanctions.