Deutsche Bank ordered to install money laundering monitor

Germany's financial regulator has ordered Deutsche Bank to install a special monitor to oversee the implementation of safeguards against money laundering.

The BaFin regulator said Monday that the monitor would report on the bank's progress in improving its procedures.

Deutsche Bank said it had taken on accounting firm KPMG as the monitor. The bank said in a statement that it agreed with BaFin that it needed to improve processes related to identifying the clients it was doing business with. It said it would implement the requirements "as soon as possible."

It's the first time in Germany that a monitor has been ordered in connection with anti-money laundering rules. BaFin's news release did not connect the step to any previous violation by Deutsche Bank.