Message from John Cryan to employees about a KYC and client on-boarding review
John Cryan, Co-CEO of Deutsche Bank, sent out the following message to all employees today:
Since my first day as your colleague in July, I have emphasised the importance of ensuring that our business activities are controlled to high standards. That includes making sure that when we onboard new clients, or recertify existing relationships, we have a thorough understanding of their identity and aspirations, and confirm that we are a suitable partner to fulfil their needs.
My colleagues on the Management Board and I have decided to review the know-your-client (KYC) and client on-boarding procedures across the Bank. By doing so, we aim to ensure that our procedures are thorough and transparent, and that they enable our business divisions to sustain lasting and valuable client relationships.
Until the review is completed, we have decided to make two immediate changes.
First, in certain locations that have higher risk weightings, we will suspend the on-boarding of new clients and the introduction of new products to existing clients.
Second, across the business divisions and in all locations, we will begin to transact with new clients only after we have completed all KYC procedures and on-boarded them. In the past, we had allowed for these activities to take place concurrently.
The Management Board has asked Jeff Urwin to lead the review, supported by Kim Hammonds, Sylvie Matherat, Garth Ritchie, and Christian Sewing. They will be joined in their work by senior representatives from each of the business divisions to ensure that the review takes into account considerations relevant to specific businesses.
In the days ahead, you will hear more about how the review of KYC procedures and client on-boarding will impact your business division, infrastructure function, or region. Please join the Management Board in supporting this review as we seek to build a better Deutsche Bank together.
With kind regards,