Deutsche Bank has blamed its massive money laundering activities on faulty software that it used to screen customer transactions for suspicious activity. We wonder how long the bank knew that its software was defective, and why it did not remove, and replace that software the moment its ineffective nature was suspected, let alone known. What's wrong with this picture ?
And what about its statement that no suspicious transactions slipped through compliance, as the result of the allegedly defective software ? How did the bank know that no dirty money was accepted, and transited the bank, if the software was defective ? How could the bank know this ?
Any compliance officer who read this information knows that the excuse proffered by the bank is completely bogus. We wish the bank's shareholders well in their quest to remove bank management, for those senior executives should be held accountable for their sins and transgressions.