Deutsche Bank acknowledged on Wednesday that it had used faulty software to screen customer transactions for suspicious activity, another blow to the lender’s reputation as top executives prepare to face restive shareholders at its annual meeting. Already under fire for lax money-laundering controls, the bank confirmed the essence of a report in Germany’s Süddeutsche Zeitung newspaper that revealed software problems in its efforts to curb such activity. The bank maintained that no suspicious transactions had slipped through as a result. “Deutsche Bank is working on correcting the error as quickly as possible and is in close contact with the regulators,” the bank said in a statement. Coming after Deutsche Bank’s share price reached an all-time low this week, the newspaper report has helped fuel an extraordinary level of shareholder anger even by the standards of the perpetually troubled lender.

Source: New York Times May 22, 2019 13:47 UTC